Crypto tax firm CoinTracker raises $100 mn

CoinTracker, which tracks consumers’ cryptocurrency taxes and portfolios, has raised $100 million in funding from a slew of institutional investors and high-net-worth individuals.
Dollar spending on technologyCoinTracker enables consumers to track their crypto portfolios across exchanges and wallets, helping users monitor their market value, investment performance, transactions and taxes.

The funding round was led by venture capital firm Accel, with investors such as Initialized Capital, General Catalyst, Y Combinator Accuity, and Seven Seven Six, the venture firm of Reddit co-founder Alexis Ohanian, also participating.

The funds will be used to expand the company’s personnel, maintain coverage of exchanges, blockchains, and other crypto sectors, as well as to scale customer support and content, CoinTracker said in its statement.

Crypto adoption has grown exponentially across multiple exchanges, wallets and applications, with an estimated 221 million global users buying and selling the digital currency as of June 2021. This has created challenges for investors in tracking their portfolio and staying tax-compliant.

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