CRYPTOCURRENCY AND WEB3 TAX SOFTWARE PROVIDER, COINLEDGER, RAISES $6 MILLION IN FUNDING
CoinLedger, formerly CryptoTrader.Tax, announced securing $6 million in funding from notable investors including Voyager Digital Ltd. (OTCQX: VYGVF) and DRW Venture Capital. The firm focuses on simplifying tax reporting for cryptocurrency and DeFi users, aiming to address challenges in tracking multi-wallet transactions. CoinLedger plans to utilize the funds to expand its team and enhance product offerings, positioning itself for growth in the evolving digital asset landscape. CEO David Kemmerer emphasized the importance of user-friendly tax solutions in a growing decentralized finance environment.
- Secured $6 million in funding to expand its team and product offerings.
- Strong backing from high-profile investors including Voyager Digital and DRW Venture Capital.
- Addresses a growing need for user-friendly tax solutions in the cryptocurrency space.
- None.
AUSTIN, Texas, Feb. 2, 2022 /PRNewswire/ -- CoinLedger (rebranding from CryptoTrader.Tax), a leading tax-reporting platform geared toward assisting cryptocurrency, DeFi, NFT, and Web3 users with simple tax reporting solutions, announced today that it secured
"As the cryptocurrency industry has evolved, the lack of simple, user-friendly crypto tax and accounting software, specifically for DeFi users, has become more than problematic," said David Kemmerer, CEO, and Co-Founder of CoinLedger. "We continue to see a future where decentralized cryptocurrency and digital asset use-cases become the norm, not fringe activities amidst centralized exchanges. We're excited to bring on such a strong group of investors who share our company's vision and values."
The interoperable nature of cryptocurrencies and digital assets, with transactions scattered across multiple wallets, exchanges, and protocols, makes it extremely difficult for crypto investors to keep track of their holdings and accurately prepare and pay their taxes. CoinLedger's CryptoTrader.Tax solves this issue by integrating with hundreds of exchanges, wallets, and blockchains. Users can leverage the platform to gain a holistic view of their crypto portfolio and tax obligations across the entire Web3-economy.
"As a crypto investor, manually calculating your capital gains and losses across potentially thousands of transactions leaves a large margin for error," said Kim Trautmann, Head of DRW Venture Capital. "The tax reporting and portfolio management resources that CoinLedger provides are critical for the crypto environment to continue to scale and is the kind of technology DRW Venture Capital is excited to work alongside as it continues to broaden its crypto tax services."
About CoinLedger
CoinLedger (rebranding from CryptoTrader.Tax) enables seamless portfolio tracking and tax reporting for participants of the digital asset economy. Founded in 2018, CoinLedger was built to reduce the friction of participating in the cryptocurrency ecosystem by making tax reporting as simple as possible. By directly integrating with major exchanges, wallets, blockchains, and NFT platforms, CoinLedger provides a unified dashboard for users to track and monitor their cryptocurrency activity. Whether you're trading cryptocurrencies, buying and selling NFTs, or staking on DeFi protocols, CoinLedger makes tracking your portfolio and reporting your taxes more straightforward than ever. For more information, visit https://cryptotrader.tax/world-meet-coinledger.
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SOURCE CoinLedger
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