Crypto tax calculator CoinTracker valued at $1.3B following $100M raise
Cryptocurrency portfolio tracker and tax calculator CoinTracker has attained “unicorn” status after raising $100 million in Series A financing, demonstrating once again that investors are allocating vast sums of capital toward crypto-focused companies.
The Series A investment round was led by California-based venture capital firm Accel, with additional participation from General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures and Kraken Ventures. Individual investors who participated in the round included former Stripe COO Hughes Johnson, Coinbase board member Gokul Rajaram and Jeremy Liew, an early investor in Affirm and Snapchat.
With the capital raise, CoinTracker’s total valuation grew to $1.3 billion, making it the latest unicorn to be crowned in the crypto industry. In the startup world, unicorns are companies that have attained a valuation of at least $1 billion.
CoinTracker said it will use the funds to meet the growing demand for complex tax reporting tools within the crypto industry. It will also expand its human resources and broaden its coverage of exchanges, chains and wallets. The company says it has over 500,000 users and tracks over $20 billion worth of crypto assets across 25 blockchains and over 300 exchanges. Its user count has grown fivefold since April 2020 when it first amassed 100,000 users.
The new US infrastructure bill has been signed by President Biden. The bill imposed restrictions on businesses handling cryptocurrencies and mandated digital asset transactions worth more than $10,000 shall be reported to the IRS. https://t.co/gxdeK2LVJa
When asked about the biggest issues crypto holders face with respect to tax compliance, CoinTracker
Read more on cointelegraph.com
