CoinTracker, a San Francisco-based cryptocurrency platform offering flawless cryptocurrency tax compliance and portfolio tracking, has raised US$ 100 million in a Series A funding round led by Accel on 27 January 2022.
Investors: The latest investment round featured Accel as the lead investor with participation from Y Combinator, Kraken Ventures, Intuit, Seven Seven Six, Initialized Capital and angel investors like Jeremy Liew, Gokul Rajaram and others. The startup has managed to raise, in total, over US$ 102 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round to meet the surging demand and intricacies of the cryptocurrency domain. They plan to hire fresh talent and scale the customer community, support, and content.
About CoinTracker
Brought to existence in 2017 by Jon Lerner and Chandan Lodha, Cointracker allows users to assess their complete crypto portfolio across exchanges and wallets, enabling them to evaluate their taxes, investment performance, market value, transactions. CoinTracker operates as an exclusive cryptocurrency tax partner for several tax products and top exchanges, including Blockchain.com, Coinbase, OpenSea and Intuit’s TurboTax, whose customers gain from a consummate tax experience and several times obtain free tax reports. Currently, the firm serves customers in Australia, the United States, the United Kingdom, and Canada. It envisages catering to the needs of customers residing in other European countries.
What the Founder has to say: “The vision of CoinTracker and its backers runs parallel, as we aim to elevate global prosperity and financial freedom. Our leading investment partners, such as Accel, realize our firm’s potential and the opportunity at hand to offer people greater control over their hard-earned money and taxes. It is exhilarating to join hands with our new investor as we make cryptocurrency tax compliance and portfolio tracking flawless. We wish to make mainstream adoption of crypto a reality.”- Jon Lerner, CEO and Co-Founder of CoinTracker.
What the Investor has to say: “The Internal Revenue Service (IRS) has kept a close watch on crypto earnings in the current financial year. CoinTracker has risen to glory with a precise and comprehensive customer product at a crucial time. Millions of seasoned and new cryptocurrency buyers seek a service to aid them in filing their taxes across DeFi, crypto trading, NFTs among other rising cryptocurrency use scenarios.”- Sagar Sanghvi, Partner at Accel.
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