Recap secures a substantial £300k Innovate UK grant to revolutionise the crypto tax landscape.
- The initiative aims to develop a privacy-focused collaborative platform for crypto tax and due diligence.
- Industry leaders such as Hoptrail, Andersen LLP, and Wright Vigar join forces with Recap in this venture.
- The project seeks to automate crypto transaction processing and enhance client onboarding efficiency.
- Innovate UK funding underlines Recap’s commitment to advancing crypto asset management technology.
Recap has achieved a significant milestone by securing a £300k grant from Innovate UK, aimed at transforming the crypto tax domain. This initiative is set to introduce a privacy-focused collaborative platform dedicated to crypto tax and client due diligence, particularly designed for accountants and professional services.
To realise this ambitious project, Recap has assembled a consortium of seasoned industry experts, drawing on the expertise of Hoptrail, renowned for source of fund analytics, alongside leading UK crypto specialist accountancy firms such as Andersen LLP and Wright Vigar. This collaborative endeavour seeks to enhance the platform’s capability to streamline the tracking and processing of crypto asset transactions, significantly reducing the reliance on manual data entry and management.
According to Daniel Howitt, CEO and co-founder of Recap, the grant is a testament to their dedication to innovation and addressing the evolving needs of the crypto industry. Howitt expressed immense pride in leading the project with reputable partners, remarking on the expertise his colleagues bring in areas such as accountancy, tax services, and anti-money laundering compliance, stating that it has been a pleasure to assemble a team of “Crypto Tax Avengers.”
The platform aims to empower accountancy firms by offering cutting-edge technology that provides assurance in the client onboarding process, in line with the necessary tools for proactive tax planning and comprehensive digital asset taxation support. With HMRC’s encouragement for crypto holders to disclose gains, the timing is opportune for accountants and financial service providers to expand their digital asset offerings.
Innovate UK’s funding will support a 12-month project that has already commenced, representing a pivotal investment in Recap’s growth plans. These plans envisage substantial team expansion, contributing significantly to the development of Lincoln’s digital hub and boosting the city’s economic landscape.
Recap is poised to lead as the premier solution provider for crypto tax and due diligence, paving the way for future advancements.
