According to Cryptonews, Austrian bank Raiffeisen Bank International (RBI) has invested millions of euros in Blockpit, an Austrian startup focused on cryptocurrency taxation, through its venture capital arm Elevator Ventures. Blockpit, headquartered in Linz and led by CEO Florian Wimmer, recently announced that it will achieve profitability in 2024, making it an attractive target for investors seeking to profit from the growing demand for compliant cryptocurrency services. The investment amount of RBI and the valuation of Blockpit have not been disclosed yet. This transaction marks Elevator Ventures' first foray into the field of cryptocurrency startups. Through this investment, Elevator Ventures hopes to support Blockpit in further expanding its services that have been successfully launched in ten countries. Blockpit will use this investment to expand into new European markets, particularly Eastern Europe. The company will also develop tools to prove the source of funds for bank withdrawals and cryptocurrency exchange transfers. Blockpit was founded in 2017 and currently has 30 employees. In 2021, the company raised $10 million in Series A funding led by MiddleGame Ventures. In November 2023, following its merger with German competitor CryptoTax in 2020, Blockpit also acquired Swiss competitor Accoining in a multi million euro deal.
