The cryptocurrency saw its darkest hour – not too long ago. The Indian government’s recently introduced crypto laws aren’t so sweet to investors as well. However, an optimistic new bird in town believes that ‘rough waters are truer tests of leadership.’
CoinTracker, the global crypto tax compliance and portfolio tracking firm, on Wednesday, announced its India foray. Given that many crypto users in India use CAs to do their taxes, CoinTracker will ease the burden on their accountant to complete tax reports for crypto. The platform will aggregate exchanges and reconcile complex transactions for this purpose.
Some Serious Indian Business
Announcing CoinTracker’s maiden foray into the Indian market, CEO Jon Lerner said that crypto tax compliance and portfolio tracking products are available to all Indian users from May 25.
Notably, despite no formal support from the Government for the crypto industry, Indians are the second largest users of CoinTracker!
Turn On The G-Engine, Already!
The company recently received $100 Mn Series A funding which it will use to build products and expand into regions like India. Its crypto ecosystem has grown from zero to $2 trillion in its 1st decade and is on a trajectory to surpass $10 trillion in the next decade.
The company will also expand its employee base in India. With 65 employees globally, CoinTracker will recruit over 200 people in a year, of which 10% will be from India.
Too long? Here’s a one-liner: Crypto platform, CoinTracker enters India to help with tax compliance and offer portfolio tracking products; plans to recruit 20 employees by next year.