Crypto tax solution CoinLedger nets $6m

Tax reporting solution for digital assets CoinLedger has netted $6m in funding, as it looks to scale its team.

The investors to the round include CMT Digital, DRW Venture Capital, FinTech Collective, Volt Capital, Voyager Digital, Bakkt co-founder Adam White and The Block founder Mike Dudas.

With the funds, the FinTech company hopes to hire more staff and expand its product offering.

Its flagship solution, CryptoTrader.Tax, integrates with hundreds of exchanges, wallets and blockchains to give the user a holistic view of their crypto portfolio and tax obligations.

Founded in 2018, CoinLedger was created to reduce frictions within the crypto market by simplifying asset tracking and tax reporting. Its services support Cryptocurrency, DeFi, NFT and Web3 users.

CoinLedger CEO, and co-founder David Kemmerer said, “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.

“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.”

Cryptocurrency-focused FinTech companies had had a booming start to 2022. Just this week, NFT wallet Phantom closed its Series B on $109m, while crypto exchange FTX reached a $32bn valuation after the close of its $400m Series C.

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