Coindesk Logo

CoinTracker Raises $100M as Crypto Tax Season Heats Up

CoinTracker Raises $100M as Crypto Tax Season Heats Up

CoinTracker Raises $100M as Crypto Tax Season Heats Up

The newly minted crypto unicorn also sniped top talent from Uber and Robinhood Crypto.

The newly minted crypto unicorn also sniped top talent from Uber and Robinhood Crypto.

The newly minted crypto unicorn also sniped top talent from Uber and Robinhood Crypto.

AccessTimeIconJan 27, 2022, 12:36 PM
Updated May 11, 2023, 5:58 PM
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.