Cryptocurrency tax compliance and portfolio tracking platform CoinTracker has secured a $100 million Series A funding round, valuing the company at $1.3 billion.
CoinTracker CEO and co-founder Jon Lerner
The round was led by Accel and saw participation from new and existing investors including General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures and Kraken Ventures.
Angel investors such as former Stripe COO Claire Hughes Johnson, Coinbase board member Gokul Rajaram and Deel CEO Alex Bouaziz also took part.
Founded in 2017, CoinTracker’s platform allows users to monitor crypto assets across exchanges and wallets. Users can track crypto market values as well as their own investment performances and transactions. It also details any relevant taxes required when users trade their crypto.
The San Francisco-based company says looming crypto tax legislation contained within the US Infrastructure Bill will require exchanges to report users’ transactions to the Inland Revenue Service (IRS).
And the newly-minted unicorn estimates that the majority of crypto investors have so far not filed taxes on their crypto investments accurately, may soon need to and could benefit financially from doing so.
CoinTracker CEO and co-founder Jon Lerner says the investment will help make cryptocurrency portfolio tracking and tax compliance easier for crypto investors, “and ultimately enable and accelerate mainstream adoption of crypto”.
CoinTracker will use the cash injection to hire new talent, including engineering head Gaurav Garg, formerly VP of engineering at Uber and Google, as well as product lead Zack Reneau-Wedeen, formerly head of product at Robinhood Crypto.
The company will also scale its customer support teams and boost its content and community efforts to help users maximise their crypto portfolio.
