Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Side Hustle

Top Secrets to Starting a 6-Figure Etsy Side Hustle That Earns Passive Income, According to 3 People Who Did It

Etsy remains a popular ecommerce platfrom for sellers — and can be incredibly lucrative for those who know how to use it.

Business News

Amazon Is Making a Major Change to Its Packaging: 'Easier to Work With'

Opening an Amazon box is about to look a lot different.

Business News

Amazon Is Thinking About Charging Extra for AI Alexa

"Hey Alexa, how much are you going to cost?"

Business News

SoftBank CEO Says AI 10x Smarter Than Humans Could Be Here in a Matter of Years

SoftBank CEO Masayoshi Son spoke to shareholders during the company's general meeting on Friday.

Technology

Qualcomm Bullish About Expanding IoT, FWA & Chip Business In India

The American chip giant company has been globally shipping tech products from India; now focusing on creating products and solutions for Indian market

News and Trends

PhonePe in Talks With Major Smartphone Makers for Mobiles to Come With Pre-installed Indus Appstore

PhonePe is in talks with smartphone brands to have their Indus Appstore pre-installed in the mobiles.