[NEWS] bitFlyer signs capital and business alliance agreement with pafin, provider of automatic profit and loss calculation service "Cryptact"

On the 13th, bitFlyer, a domestic cryptocurrency exchange, announced that it has signed a capital and business alliance agreement with pafin, which develops and operates the cryptocurrency automatic profit and loss calculation service "Cryptact."

In the future, bitFlyer and Cryptact will work together to seamlessly integrate cryptocurrency trading and profit and loss calculation. This will make it easier for users to complete complicated tax returns.

In addition, the average acquisition price of cryptocurrency calculated by Cryptact will be displayed on bitFlyer's service. This will allow users to trade cryptocurrency while taking into account the average acquisition price for tax purposes.

In addition, the two companies will explore joint research and development of new financial products related to cryptocurrency. Specifically, they will consider services that utilize "Miyabi," a proprietary blockchain developed by bitFlyer Blockchain.

According to the Nihon Keizai Shimbun, pafin will raise just under 100 million yen through a third-party allotment of new shares to bitFlyer Holdings and others through Series B round of funding. In September, pafin raised 500 million yen through a third-party allotment of new shares, with DG Daiwa Venture, Sony Innovation Fund, and MZ Web3 fund underwriting the company. With this latest round of funding, the company's total funding amount has reached 1.36 billion yen.

pafin is a startup company made up of professionals in blockchain, including crypto assets, finance, economics, and investment. Its goal is to use technology to solve the burden and difficulties faced by individuals in the peer-to-peer (P2P) world.

The name pafin comes from the puffin, a rare seabird that lives on uninhabited islands. Puffins are known as "free-spirited" birds that fly agilely in the sky 70 meters above the ground and dive 50 meters below the surface to catch fish. Puffins are also famous for "catching six fish in one bite," or six meals per bird. Like the free bird that is the puffin, pafin aims to provide services that cover a wide range of areas, including crypto assets, technology, and investment.

A representative business developed and operated by pafin is Cryptact, which automatically calculates the profit and loss of crypto assets required for tax returns and makes portfolio management easy. Since it can automatically complete the profit and loss calculation of crypto assets, which has traditionally been considered complicated, it contributes to significantly lowering the hurdles related to tax returns.

In addition, pafin also provides the Web 3.0 household accounting book "defitact" as one of its two main businesses. Just three months after its release, defitact has been used in 30 countries around the world.

defitact is a service that automatically aggregates transactions and assets on the blockchain, such as DeFi and NFT, instantly by entering a wallet address, and visualizes the portfolio. It allows you to grasp the transaction status of multiple decentralized apps, the asset balance in your wallet, and the market capitalization in real time.

Reference:Announcement
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