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CoinTracker Raises $100M as Crypto Tax Season Heats Up
The newly minted crypto unicorn also sniped top talent from Uber and Robinhood Crypto.
By Danny Nelson
Updated May 11, 2023, 5:58 p.m. Published Jan 27, 2022, 12:36 p.m.
Crypto tax software developer CoinTracker raised $100 million from venture backers, entering growth mode just as the 2022 tax season is gearing up.
Now valued at $1.3 billion, 40-person CoinTracker – which last raised $1.5 million in a 2018 seed round – plans to scale its global tech support and integrate with a universe of crypto companies, CEO Jon Lerner said.
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It’s also bulking up on high-ranking talent, sniping Uber’s Vice President of Engineering Gaurav Garg as the new head of engineering, and Zack Reneau-Wedeen, Robinhood Crypto’s head of product, for product lead.
CoinTracker’s partnership wheels are churning, too. On Monday, the company announced an exclusive deal with Coinbase’s expanded “tax center” that assists exchange users in preparing their crypto taxes.
“It's trying to get ahead of the problem, which is very important for exchanges to do, especially with this infrastructure bill,” Lerner said, referring to expanded reporting requirements set to come online in 2023.
“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,” he said.
Getting the 2022 tax season right will be more important for the crypto crowd. The IRS is paying increasing attention after last year’s massive spikes in everything from coin prices to non-fungible tokens (NFTs). Every sale, swap and wrap is taxable as capital gains.
CoinTracker is hardly the only crypto tax company-turned-unicorn, or startup company with a value of over $1 billion. TaxBit, which works directly with the IRS, crossed that mark last August.
Accel led CoinTracker’s series A with re-ups from General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase Ventures, Intuit Ventures and Kraken Ventures, a press release said.
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