This news comes on the heels of its Series A round. CoinTracker plans to use the funds to increase headcount and support global expansion. Here are the top-line bullets you need to know.
CoinTracker, a cryptocurrency tax management software provider, has raised $100M in a Series A. The round drew participation from Accel, Coinbase Ventures, General Catalyst, Y Combinator, and Initialized Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based CoinTracker enables crypto investors to track portfolio performance and taxes.
- The platform supports 300+ exchanges and 8K+ crypto assets. It has established partnerships with OpenSea, Coinbase, Blockchain.com, and Intuit’s TurboTax.
- CoinTracker has a total of 500K+ users across the US, Canada, the UK, and Australia, and it has tracked more than $200B in crypto assets to date.
- The startup has been profitable since its launch in 2017 and currently has 40 employees.
Source: CoinTracker
WHY DOES THE MARKET MATTER?
- The global crypto asset management market is expected to reach a value of $1.2B by 2026, growing at a CAGR of 21.5%, according to Markets and Markets.
- As of June 2021, around 221M users had made crypto transactions across several applications, wallets, and exchanges. This has driven up the demand for asset tracking and monitoring tools to support tax compliance.
- Various retail and e-commerce businesses are starting to accept cryptocurrency as payment, which has led these businesses to turn to asset management services.
