CoinTracker Raises $100M as Crypto Tax Season Heats Up

Crypto taxation bundle developer CoinTracker raised $100 cardinal from task backers, entering maturation mode conscionable arsenic the 2022 taxation play is heating up.

Now valued astatine $1.3 billion,  40-person CoinTracker – which past raised $1.5 cardinal successful a 2018 effect circular – plans to standard its planetary tech enactment and integrate with a beingness of crypto companies, CEO Jon Lerner said.

It’s besides bulking up connected high-ranking talent, sniping Uber’s Vice President of Engineering Gaurav Garg arsenic the caller Head of Engineering, and Zack Reneau-Wedeen, Robinhood Crypto’s Head of Product, for Product Lead.

CoinTracker’s concern wheels are churning, too. On Monday CoinTracker announced an exclusive woody with Coinbase’s expanded “tax center” that assists speech users successful preparing their crypto taxes.

“It's trying to get up of the problem, which is precise important for exchanges to do, particularly with this infrastructure bill,” Lerner said, referring to expanded reporting requirements acceptable to travel online successful 2023.

“Every speech volition beryllium reporting their users' superior gains to the IRS and we expect the aforesaid happening to play retired successful different countries arsenic well,” helium said.

Getting taxation play 2021 close volition beryllium little important for the crypto crowd. The Internal Revenue Service (IRS) is paying expanding attraction aft past year’s monolithic spikes successful everything from coin prices to NFTs. Every sale, swap and wrapper is taxable arsenic superior gains.

CoinTracker is hardly the lone crypto taxation company-turned-unicorn. TaxBit, which works directly with the IRS, crossed that people past August.

Accel led CoinTracker’s bid A with reups from General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures and Kraken Ventures, a property merchandise said.