Cryptocurrency and Web3 Tax reporting platform CoinLedger raised $6 Million in funding

CoinLedger, Texas based cryptocurrency, and web3 tax reporting platform has now secured $6 million in a funding round.

CoinLedger was founded by David Kemmerer. It offers a platform that streamlines and simplifies digital asset tax reporting for cryptocurrency, NFT, and DeFi users.

It integrates with lots of wallets, exchanges, and blockchains. Users can leverage the platform to gain a major holistic view of their crypto portfolio and tax obligations across the entire Web3-economy.

David Kemmerer, CEO, and Co-Founder of CoinLedger, said, "As the cryptocurrency industry has evolved, the lack of simple, user-friendly crypto tax and accounting software, specifically for DeFi users, has become more than problematic. We continue to see a future where decentralized cryptocurrency and digital asset use-cases become the norm, not fringe activities amidst centralized exchanges. We're excited to bring on such a strong group of investors who share our company's vision and values."

Kim Trautmann, Head of DRW Venture Capital, said, "As a crypto investor, manually calculating your capital gains and losses across potentially thousands of transactions leaves a large margin for error. The tax reporting and portfolio management resources that CoinLedger provides are critical for the crypto environment to continue to scale and is the kind of technology DRW Venture Capital is excited to work alongside as it continues to broaden its crypto tax services."

The round was backed by CMT Digital, FinTech Collective, DRW Venture Capital, Voyager Digital Limited, and Volt Capital.

The blockchain startup, as of now, has plans to use the new funds to scale its team and expand several product offerings, notes the announcement.