Company’s Product Offerings Streamline and Simplify Digital Asset Tax Reporting for Cryptocurrency, DeFi, and NFT users
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 that it secured $6 Million in its latest financing round. This funding comes from a growing list of strategic corporate and high-profile individual investors, including CMT Digital, DRW Venture Capital, FinTech Collective, Volt Capital, Voyager Digital Ltd., Adam White (Co-Founder of Bakkt), and Mike Dudas (Founder of The Block). CoinLedger plans to utilize the funds to scale its team further and expand product offerings.
“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.”
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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.
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“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.”
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