CoinTracker has received a $100 million Series A investment round. With the round, the company has joined the unicorn club and is now valued at $1.3 billion.
CoinTracker, a cryptocurrency firm that assists customers with tax reporting and filing, has secured $100 million in a Series A fundraising round.
Accel led the round, which also included Coinbase Ventures, Kraken Ventures, Intuit Ventures, General Catalyst, Initialized Capital, Y Combinator Continuity, and Seven Seven Six Ventures.
The financing was also supported by angel investors such as Coinbase board member Gokul Rajaram, former Stripe COO Claire Hughes Johnson, Affirm and Snapchat investor Jeremy Liew, and Deel CEO Alex Bouaziz.
As part of the agreement, Accel partner Sagar Sanghvi has joined the CoinTracker board of directors.
The cryptocurrency firm’s co-founder and CEO Jon Lerner told in an interview that the firm’s new funding would be used to grow its workforce, improve its platform, work with more crypto exchanges as partners, and expand internationally.
The company now has roughly 40 employees and plans to almost increase that number this year. Former Google and Uber employee Gaurav Garg was recently hired as the company’s director of engineering, while former Robinhood Crypto product head Zack Reneau-Weeden was recently hired as the company’s product lead.
Regarding CoinTracker’s worldwide growth goals, Lerner stated that the site presently serves users from the United States, the United Kingdom, Canada, and Australia, and that it hopes to include European countries in the near future.
CoinTracker recently teamed with Coinbase to make it easier for its users to submit crypto taxes. Among its other partners are Intuit’s TurboTax and OpenSea. More such collaborations, according to Lerner, are in the works.
In terms of improving CoinTracker’s platform, Lerner stated that new blockchains and protocols would be enabled to assist customers in filing taxes across crypto assets.
CoinTracker’s total financing to date is $102 million, thanks to the Series A round. In 2018, it received $2 million in startup investment.
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