Crypto Platform CoinTracker Enters Indian Market
The platform enables its users to build wealth, file taxes, optimize their portfolio and sync all their activities across exchanges and wallets into one place, to calculate the capital gains and losses
CoinTracker, San Francisco-based crypto tax compliance and portfolio tracking startup, has announced its foray into the Indian market. The CoinTracker products are now available for the crypto users in India. The startup's move comes against as the backdrop of the government's policy of 30 per cent taxation on crypto transactions imposed from April 1. CoinTracker aims to collaborate with partners and community to encourage the crypto adoption and usages. It also wants to hire talents to grow its local team in the country. The platform enables its users to build wealth, file taxes, optimize their portfolio and sync all their activities across exchanges and wallets into one place, to calculate the capital gains and losses.
"It can be challenging for folks to navigate the complexity of buying, holding and transacting with crypto currency and nearly impossible to comply with taxes without right tool. We built CoinTracker to solve this problem seamlessly and are excited to deliver our offering in India," said Jon Lerner, CEO, CoinTracker, in a statement.
Earlier this year, CoinTracker secured $100 million in Series A funding round led by venture capital firm, Accel. The company had said it will use the fund to build products and expand into regions like India.
"Our mission at CoinTracker is to increase the world's financial freedom and prosperity, and we believe mainstream adoption of crypto currency is a key enabler of that. We are thrilled to see the rapid adoption of crypto currency in India," Lerner added in the statement.
The company will expand its employee base in India and will recruit over 200 people in a year's time, of which 10 per cent will be from India. CoinTracker will allow its users to add their accounts to complete tax reports for crypto by aggregating exchanges and reconciling complex transactions, claimed by the startup in the statement.
According to reports, the Indian crypto market has been growing exponentially over the last few years. It is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 globally.