• CoinTracker, the market leader in cryptocurrency tax and portfolio tracking for consumers, announced on Thursday, February 16th that it had added support for Arbitrum, Optimism, and Cosmos.
• The support is designed to streamline the digital asset tax filing process and enable the use of cryptocurrency with peace of mind.
•CoinTracker seeks to help users calculate crypto taxes with its seamless crypto tax filing and portfolio tracking solution.
CoinTracker Expands Its Crypto Tax Solution
CoinTracker, the market leader in cryptocurrency tax and portfolio tracking for consumers, announced on Thursday that it had added support for three new blockchains: Arbitrum, Optimism, and Cosmos. This expansion provides users with a seamless crypto tax filing process which enables them to utilize cryptocurrency with peace of mind.
Streamlined Digital Asset Tax Filing Process
This latest integration is designed to streamline the digital asset tax filing process across these three blockchains. It will also protect users from manually monitoring complex transactions across these blockchains. According to CoinTracker, Arbitrum and Optimism now combine to process more transaction volume than Ethereum – their combined total value locked (TVL) representing almost 80% of the entire Layer-2 ecosystem. Furthermore, Cosmos has become one of the leading chains within the blockchain ecosystem hosting some popular decentralized exchanges such as Osmosis.
Helping Users Calculate Crypto Taxes
Commenting on this new development was Vera Tzekovenia ,COO at CoinTracker who mentioned that they are dedicated towards building products so users can track all crypto activity quickly regardless of platform or token used; “We’re thrilled to widen our integration breadth even further and specifically deepen our product focus on the sovereign future — building robust chain integrations so that users can explore these crypto innovations with peace of mind” she said about helping users calculate taxes associated with their digital assets transactions.
Founded in 2018 by Chandan Lodha and Jon Lerner , CoinTracker is a comprehensive cryptocurrency portfolio management service provider offering real-time insights into user portfolios through its innovative machine learning algorithms . The platform currently supports over 2000+ cryptocurrencies including Bitcoin , Ethereum , Ripple etc . Some key features include automatic importation & categorization , performance analysis , real-time alerts & notifications etc . In 2019 alone , they raised $7 million Series A funding led by Ribbit Capital followed by an additional $3 million seed funding from Initialized Capital & other notable investors such as Y Combinator etc .
The recent addition of Arbitrum , Optimism & Cosmos allow Coin Tracker’s customers access more secure ways to file their digital asset taxes without having to manually monitor complex transactions across different blockchains . With this addition , Coin Tracker hopes to bring more convenience when dealing with taxation related issues while allowing maximum security when transacting cryptocurrencies .