Portfolio And Tax Manager For Cryptocurrencies CoinTracker Announces $1.5 Million In Seed Funding Round

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CoinTracker is a portfolio and tax manager for cryptocurrency. CoinTracker makes it easy to track your cryptocurrency portfolio and get your taxes filed by auto-syncing your transactions & balances from your wallets & exchanges. They are integrated with 14 of the top exchanges and support over 2,400 cryptocurrencies. Below is our recent interview with Chandan Lodha, Co Founder of CoinTracker:

Q: You’ve recently announced $1.5 Million in Seed funding round; could you tell us something more?

A: We have been really privileged to have some awesome investors join the CoinTracker family. Leading the round we have Garry Tan (first seed investor in Coinbase) and Alexis Ohanian (Co-Founder of Reddit) from Initialized Capital, in addition to a number of other awesome investors. We are planning to use the funding to hire full stack developers who are excited about accelerating the vision of making crypto more accessible.

Q: How exactly does your service work?

A: We allow users to connect their exchanges accounts (read-access) or public wallet addresses to CoinTracker. We then auto-sync users transactions & balances (retroactively and going forward) so that the users can see all of their holdings in a unified interface. In addition, we allow users to purchase a tax plan that crunches the numbers for taxable events and outputs the completed IRS Form 8949 so users can report their taxes in the US.

Q: Why is there a discrepancy between your listed price for Bitcoin and the price on the exchange?

A: We update our pricing every 10 minutes, however unfortunately there isn’t one exact price of Bitcoin — it can vary from one exchange to the next. Even at the same time, there can sometimes be large differences in price of 1 BTC from one exchange to the next.

Currently we use an average price of the coin across multiple exchanges to a single price of Bitcoin at any time. In the future, we plan to migrate to per-exchange pricing so that depending on which exchange you are using, your coins will have different more specific pricing.

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Q: What can we expect from CoinTracker in the future?

A: Everything we do is focused on the goal of making crypto more accessible. We started by focusing on cryptocurrency tracking, and recently have added on tax services. In the future, we hope to make tools and services for cryptocurrency that make it super easy for anyone to get involved in the space.

Last Updated on June 3, 2018

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