CoinTracker to Raise $1.5M Via Seed Funding

The financing was led by Initialized Capital, which was also one of the earliest investors of Coinbase
11 April 2018   497

Several well-known venture capital funds and private investors provided financial support to the startup CoinTracker. In total, within the seeding round of financing, the company raised $ 1.5 million, according to CoinDesk.

The financing was led by Initialized Capital, which was also one of the earliest investors of Coinbase. The project was also supported by the Y Combinator and the founder of Protocol Labs and FileCoin, Juan Benet. Another well-known investor of the project was the creator of the Gmail mail service Paul Buchheit.

I think one of things that appeals to some of the folks that are in the round is that we're taking this not well understood and confusing and complicated space and just making it super easy so that anyone interested in the space could get involved.

Chandan Lodha

Co-founder, CoinTracker

 According to him, the idea of ​​creating CoinTracker was born after he and his former colleague on Google John Lerner began to feel more and more sad with the available opportunities to track their crypto-investment. As Lodha confessed, for lack of suitable programs, at first they even used ordinary Excel spreadsheets to which all transactions were manually entered.

That works fine for the first 10 trades or when you have a very simple transaction history, but, over time, you start doing more trades or start having more exchanges or more coins - it gets very out of control.

Chandan Lodha

Co-founder, CoinTracker

As a result, after a series of experiments, not all of which were successful, the CoinTracker team came in a simple interface that combines all the crypto assets and transaction history of the trader and is synchronized with exchanges and wallet.

Also, developers have added a feature that allows traders to keep tax records - the new tool parses all transactions, then uploads them to the already filled in form 8949 for the US Internal Revenue Service.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   119

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.