Cryptocurrency portfolio and tax management platform CoinTracker has raised $1.5m in its Seed round.
This investment round was led by Initialised Capital, and participation also came from investors including Protocol Labs founder and CEO Juan Benet and Gmail creator Paul Buchheit.
Other backers to the company include Kindred Ventures, Signature Fund, Blockstack cofounder Ryan Shea, Plaid co-founders Zach Peret, and William Hockey, and LaunchKit cofounder Brenden Mulligan, among others.
CoinTracker helps to support tax processes by keeping track of all transactions made through exchanges. By syncing balances, transactions and ERC 20 tokens from wallets, CoinTracker can calculate costs basis and capital gains. It also enables a user to monitor the performance of their crypto investments, the current portfolio and the return on investment.
The platform supports over 2,400 coins and has auto-synchronisation with 14 exchanges. It already supports over $200m in crypto assets, and has more than 30,000 exchange accounts have been registered to the platform.
CoinTracker co-founder Chandan Lodha said, “We think the world will be a better place with an open financial system. Blockchains and cryptocurrencies are already beginning to pave this path, and we want to help accelerate that change. We can’t have an open financial system if it is too difficult to use, or restricted to certain groups. Therefore, we have a simple mission: make crypto accessible.”
Last week, Singapore-based Consentium raised $20m in funding to support the development of its multi-digital currency and monetisation chat application.
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