Cryptocurrency portfolio monitoring and tax compliance platform CoinTracker on Wednesday introduced its foray into the Indian market. The corporate’s transfer additionally comes towards the backdrop of the federal government mandating a 30 p.c taxation on such transactions with impact from April 1.
Beginning at present, the crypto tax compliance and portfolio monitoring merchandise shall be accessible to all crypto customers throughout India, it stated, whereas saying the launch of its product within the nation. CoinTracker stated customers in India can now deal in crypto belongings with out worrying concerning the challenges related to monitoring, reconciliation, accounting and compliance.
“It may be difficult for folk to navigate the complexity of shopping for, holding and transacting with cryptocurrency and almost not possible to adjust to taxes with out the precise device. We constructed CoinTracker to unravel this downside seamlessly and are excited to ship our providing in India,” Jon Lerner, CEO of CoinTracker, stated.
“We plan to quickly increase our integrations and partnerships with all the favored exchanges and tax merchandise utilized in India within the coming months, and finally work collectively to assist allow mainstream adoption of cryptocurrency in India,” he added.
The corporate lately obtained a USD 100 million Sequence A funding which it’s utilizing it to construct merchandise and increase into areas like India. Lerner stated the corporate will even increase its worker base in India. With 65 workers globally, Lerner stated CoinTracker will recruit over 200 individuals in a 12 months’s time, of which 10 p.c shall be from India.
CoinTracker stated the crypto ecosystem has grown from zero to USD 2 trillion in its first decade and is on a trajectory to surpass USD 10 trillion within the subsequent decade.
(Edited by : Anand Singha)