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.
Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.