CoinTracker Raised $100M As Crypto Tax Season Starts Brewing

CoinTracker raised $100M from venture backers and it is now in growth mode just as 2022 tax season starts heating up so let’s read further in our latest cryptocurrency news.

The crypto tax software developer Cointracker raised $100 million from venture backers and it Is now valued at $1.3 billion with more plans to scale its global tech support and to integrate with a universe of crypto companies according to the CEO Jon Lerner. It is also building upon the high-ranking talent as it got to Uber’s Vice PREsident of Engineering Gaurav Garg as the new Head of Engineering and Robinhood’s crypto head of product Zack Renau Wedeen for the new product lead.

CoinTracker’s partnership wheels are turning hard. The company announced an exclusive deal with the Coinbase’e expanded Tax center which assists exchange users in preparing their taxes. Lerner said:

“It’s trying to get ahead of the problem, which is very important for exchanges to do, especially with this infrastructure bill. Every exchange will be reporting their users’ capital gains to the IRS and we expect the same thing to play out in other countries as well.”

Getting tax season 2021 right will be important for crypto lovers. The IRS is now paying increased attention after the huge spikes last year in everything from coin prices to NFTs and each sale, swap, and wrap is now taxable as capital gains. CoinTracker is now hardly the only company that focuses ont axes. Taxbit which works with the IRS also crossed this mark back in August. Accel Led CoinTracker’s Seris A with re-ups from the General Catalyst and Y Combinator, Coinbase Ventures, Intuit Ventures, and Kraken.

As recently reported, Coinbase launched a free tax center that will make filing taxes less painful and will not issue 1099 forms. Coinbase’s new service will help streamline the process of calculating crypto profits which is why Coinbase launched a free tax center service.
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The crypto owners are already having a hard time in 2022 and many face a new worry which is the calculation of the tax they owe by the IRS filing deadline of April 18. For Coinbase owners, the burden will be much easier thanks to the next tax center as the company launched it and will show their taxable activity including short and long-term gains and losses all In one place.