CoinTracker raises $100m in Series A to meet client crypto tax compliance

Chandan Lodha and Jon Lerner, Founders of CoinTracker

CoinTracker, the market leader in crypto tax and portfolio tracking for consumers, announced that it secured $100m in Series A financing, bringing it’s total valuation to $1.3 billion.

The round was led by Accel, with participation from new and previous investors.

Investors included General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures, Kraken Ventures, as well as Claire Hughes Johnson (Former COO, Stripe), Gokul Rajaram (Coinbase and Pinterest board member), Jeremy Liew (Early Investor in Affirm and Snapchat), and Alex Bouaziz (Deel CEO).

CoinTracker helping crypto investors meet tax compliance

Crypto adoption is exploding globally, across multiple exchanges, wallets and use cases, with an estimated 221 million worldwide users buying and selling crypto as of June 2021.

This is driving complexities for users to track their portfolio and stay tax compliant.

Last year, the majority of crypto investors did not file taxes on their crypto investments accurately, setting in motion complex tax regulations such as the U.S. Infrastructure Bill, which requires every exchange to report all of their users’ transactions to the IRS.

CoinTracker enables consumers to seamlessly track their entire crypto portfolio, across exchanges and wallets, helping users see their market value, investment performance, transactions, and taxes as they transact with cryptocurrency.

Having visibility into taxes is critical for crypto users, as it enables them to save thousands.

CoinTracker to use fund to meet crypto complexities

CoinTracker is the exclusive crypto tax partner for many of the top exchanges and tax products, including Coinbase, OpenSea, Intuit’s TurboTax, and Blockchain.com, whose users benefit with a seamless tax experience, and in many cases can receive free tax reports.

“CoinTracker and its investors have a shared mission of increasing the world’s financial freedom and prosperity,” said Jon Lerner, CEO and co-founder of CoinTracker.

“Our industry-defining investing partners like Accel believe in our vision and opportunity to give people more control of their wealth and taxes. We are incredibly excited to partner with them to make cryptocurrency portfolio tracking and tax compliance seamless.”

CoinTracker to use this funding to meet the increased complexities of the crypto industry by:

  • Bringing in high caliber talent to support its aggressive growth plans, including Head of Engineering 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
  • Continuing to lead in coverage of exchanges, chains, and popular cryptocurrency segments such as DeFi and NFTs as the industry evolves
  • Expanding CoinTracker for tax professionals
  • Scaling customer support, content and community to help users address their crypto portfolio and tax challenges more deeply

Sagar Sanghvi, partner at Accel and CoinTracker board member made the following remarks.

“This tax season, the IRS has an eye on crypto earnings. CoinTracker has emerged at a critical moment with the most comprehensive and accurate consumer product, just as millions of new and seasoned crypto users look for a solution to help accurately file their taxes across crypto trading, NFTs, DeFi, and other emerging cryptocurrency use cases.”

CoinTracker’s Series A round follows its $2 million seed funding in 2018.

Initialized by Garry Tan, Alexis Ohanian – now founder at 776 Ventures, Coinbase Ventures, Y Combinator, Kindred Ventures, Zach Perret & William Hockey (Plaid Founders), Balaji Srinivasan (Coinbase’s former CTO), Juan Benet (Protocol Labs CEO), Ryan Shea (Blockstack Co-founder), Paul Buchheit (Gmail Creator), and Serena Williams (Professional Tennis Player).

CoinTracker is hiring across different functions to continue its global expansion.

About CoinTracker:

CoinTracker is the market leader in crypto portfolio tracking and tax compliance for consumers, leveraging the best technology and partnerships to deliver the highest level of accuracy, simplicity and value year-round.

Users collectively track over $50 billion in cryptocurrency assets on CoinTracker.

The company was founded in 2017. CoinTracker is backed by Accel, General Catalyst, Initialized Capital, Y Combinator, 776 Ventures, and other leading investors. CoinTracker is the exclusive cryptocurrency tax partner for many of the top exchanges and tax products, including Coinbase, OpenSea, Intuit’s TurboTax, and Blockchain.com.

For more information, please visit https://www.cointracker.io.