Crypto tax and portfolio tracking service CoinTracker has netted $100m in its Series A investment, which puts its valuation at $1.3bn.
Veteran FinTech investor Accel led the round, with commitments coming from various new and previous backers. These include General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures, Kraken Ventures, as well as Former Stripe COO Claire Hughes Johnson, Coinbase board member Gokul Rajaram, Affirm early investor Jeremy Liew and Deel CEO Alex Bouaziz.
Plans for the capital involve hiring high-calibre staff. CoinTracker has recently hired former Uber and Google VP of engineering Gaurav Garg as its new head of engineering and former Robinhood Crypto head of product Zack Reneau-Wedeen as product lead.
In addition to hiring staff, the FinTech company plans to increase its coverage of exchanges, chains, and popular cryptocurrency segments, such as DeFi and NFTs, and bolster its services for tax professionals.
Finally, it is also enhancing its customer support.
CoinTracker enables consumers to track their entire crypto portfolio across exchanges and wallets. It also lets users see the market value, investment performance, transactions and taxes for the currencies. It claims this visibility means coin holders can save thousands each year.
The FinTech company is also the exclusive cryptocurrency tax partner for companies such as Coinbase, OpenSea, Intuit’s TurboTax, and Blockchain.com.
Accel partner Sagar Sanghvi said “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.”
The FinTech company previously raised $2m in its seed round back in 2018. Backers to the round included Initialized, Coinbase Ventures, Y Combinator, Kindred Ventures and several angel investors, including Professional Tennis Player Serena Williams.
Cryptocurrency is continuing to make headways in the global financial market. Several companies have already closed investments in 2022, including iTrustCapital, which managed to earn its unicorn status after the close of its first external investment.
Regulators have also been increasing their activity in the space. The UK’s parliament launched a new group to support the innovation and regulation of digital assets. While several countries are exploring the launch of central bank digital currencies (CBDCs) In 2021, Nigeria, Thailand, Bhutan, Korea and Singapore were just some of the place’s planning to release CBDCs.
Speaking to FinTech Global, Crown Agents Bank CEO Bhairav Trivedi said, “We have seen interest in CBDCs rise drastically in 2021 and while I can’t forecast what will happen in the year or years to come, CBDCs are the way forward”.
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