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CoinTracker raised $100 million from Accel and other investors

CoinTracker raised $100 million from Accel and other investors

Cryptocurrency investment management and tax reporting platform CoinTracker has raised $100 million in a Series A funding round led by Accel.

Announcing our $100M Series A, led by @Accel. Thank you to all our investors, team members, and the CoinTracker user community for being a part of our mission to increase the world's financial freedom and prosperity.https://t.co/r9VTywp8U6 & ; CoinTracker (@CoinTracker) January 27, 2022

Coinbase Ventures, Kraken Ventures, Intuit Ventures, General Catalyst, Initialized Capital, Y Combinator Continuity, Seven Seven Six Ventures and several business angels also participated in the round. CoinTracker's valuation reached $1.3 billion.

CEO John Lerner told The Block that the firm will use the funding to expand into European countries, increase the number of exchange partners, hire staff and improve platform functionality.

Gaurav Garg, who has previously worked at Google and Uber as chief development officer, as well as former Robinhood product head Zach Renaud-Widen, have joined the startup's team and will assume a similar role at CoinTracker.

The startup works with TurboTax, OpenSea and more recently Coinbase, among others. CoinTracker plans to expand the number of supported blockchains and protocols.

Recall that in November President Joe Biden signed an infrastructure plan. The document allows the expansion of the number of people who will be required to report to the IRS on the activities of their users.

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