CoinTracker, a crypto startup that helps users report and file taxes, has raised $100 million in a Series A funding round.
Venture capital firm Accel led the round, with Coinbase Ventures, Kraken Ventures, Intuit Ventures, General Catalyst, Initialized Capital, Y Combinator Continuity, and Seven Seven Six Ventures also participating.
Angel investors, including Coinbase board member Gokul Rajaram, former Stripe COO Claire Hughes Johnson, Affirm and Snapchat investor Jeremy Liew, and Deel CEO Alex Bouaziz, also backed the round.
As part of the deal, Sagar Sanghvi, partner at Accel, has joined CoinTracker's board.
With fresh capital in hand, CoinTracker looks to expand its team, enhance its platform, work with more crypto exchanges as its partners, and expand globally, the firm's co-founder and CEO Jon Lerner told The Block in an interview.
CoinTracker's current headcount is around 40, and it is looking to nearly double the team size this year. The firm has also recently hired former Google and Uber employee Gaurav Garg as its head of engineering and former Robinhood Crypto product head Zack Reneau-Wedeen as its product lead.
As for its global expansion plans, Lerner said CoinTracker currently supports users from the US, the UK, Canada, and Australia on its platform and is looking to support European countries in the near future.
CoinTracker recently partnered with Coinbase to help its customers easily file crypto taxes. Its other partners include Intuit’s TurboTax and OpenSea. Lerner said more such partnerships are in the pipeline. The US recently passed an infrastructure bill that requires crypto exchanges and brokers to report all of their users’ transactions to the Internal Revenue Service.
As for enhancing CoinTracker's platform, Lerner said more blockchains and protocols will be supported to help users file taxes across crypto assets.
The Series A round brings CoinTracker's total funding to date $102 million and its valuation to $1.3 billion. The firm raised $2 million in seed funding in 2018. Lerner said CoinTracker has been profitable since its first year of operation.
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