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.
News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Diversity

5 Ways You Can Create a More Inclusive Workplace Immediately -- and Why You Should

The more diversity you bring to your team, the greater your chances of finding groundbreaking insights and solutions.

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Marketing

4 Neuromarketing Hacks to Reach More People and Maximize Results

You don't need to be a neuroscientist or have a big budget to start upping your conversions immediately.

News and Trends

Fintech Start-Up CredFlow Secures $3.7M Pre-Series B Funding

CredFlow said that the funding proceeds will go towards "optimizing and scaling the startup's financial services and lending verticals, as well as towards improving its tech and innovation capabilities."

News and Trends

Insurtech Player Zopper Raises $25M in Series D Funding

With 40 insurance companies and 2500+ ecosystem players, Zopper will utilize the fresh capital to ramp up digital infrastructure, by strengthening its Insurance Distribution platform