Raiffeisen Bank Invests in Austrian Crypto Tax Startup Blockpit

According to PANews, Raiffeisen Bank International (RBI) has invested several million euros in Blockpit, an Austrian startup specializing in crypto asset taxation, through its venture capital arm, Elevator Ventures. Blockpit, based in Linz and led by CEO Florian Wimmer, recently announced profitability in 2024, making it an attractive target for investors seeking to capitalize on the growing demand for compliant crypto services. The exact investment amount and Blockpit's valuation remain undisclosed. This transaction marks Elevator Ventures' first foray into the crypto startup sector. With this investment, Elevator Ventures aims to support Blockpit's further expansion of services, which have already been successfully launched in ten countries. Blockpit plans to use the investment to enter new European markets, particularly in Eastern Europe, and to develop tools for verifying the source of funds for bank withdrawals and crypto exchange transfers. Founded in 2017, Blockpit currently employs 30 people. In 2021, the company raised $10 million in a Series A funding round led by MiddleGame Ventures. In November 2023, following its 2020 merger with German competitor CryptoTax, Blockpit acquired Swiss competitor Accointing in a multi-million euro deal.