BENGALURU: Amid regulatory uncertainties, crypto tax compliance and portfolio tracking company CoinTracker on Wednesday announced its foray into the Indian market.
Its launch comes at a time when the crypto industry is struggling with 30% tax and 1% TDS imposed by the government. The company, apart from engaging with crypto users, will also focus on hiring and growing team in India.
CoinTracker recently raised $100 million. It is backed by Accel, General Catalyst and Y Combinator, among other investors. It is also the crypto tax partner for many exchanges such as Coinbase, OpenSea and Phantom.
“It can be challenging for folks to navigate the complexity of buying, holding and transacting with cryptocurrency and nearly impossible to comply with taxes without the right tool. We are excited to deliver our offering in India,” said Jon Lerner, CEO of CoinTracker.