Cryptocurrency portfolio tracker and tax calculator CoinTracker has surpassed 100,000 users and has signed up six new partners.
The site, which is used by many traders to comply with tax reporting obligations, announced the news in a blog post published on April 1.
In the past month CoinTracker has partnered with six new organizations: Casa, Compound, Crypto.com, ErisX, IDEX, and Lolli, in addition to existing agreements with Coinbase and Turbotax.
CoinTracker and Casa have partnered to give users’ access to multisignature security. The Crypto.com partnership will allow users to report cryptocurrency holdings for a number of jurisdictions.
ErisX users can now share their CoinTracker profile with tax professionals without the need to send files over email, and Lolli’s integration will enable users to import transaction history CSVs directly into CoinTracker.
Growth amid the global crisis
Chandan Lodha, co-founder of CoinTracker, told Cointelegraph the company’s recent growth had come amid the chaos and bear market caused by the COVID-19 pandemic. However he was upbeat about the future:
“What we have uniquely seen with cryptocurrency though, is a surge of retail demand for new users trying to buy the dip. Along with this surge in demand has been increased desire from cryptocurrency platforms to have a compliant tax solution for their users, and this is where our partners such as Casa, Coinbase, Compound, Crypto.com, ErisX, IDEX, Lolli, and TurboTax have partnered with us to make cryptocurrency simple.”
Cryptocurrency taxes made simple
He conceded there is a lot of skepticism around the legitimacy of cryptocurrency, however he said services like CoinTracker help the industry’s credibility:
“As more users and regulators see that the vast majority of cryptocurrency use is by everyday people for completely legal transactions and people are crypto tax-compliant, this helps increase faith and legitimacy of the cryptocurrency industry as a whole.”
IRS delaying tax payments
Earlier this month Cointelegraph reported that the U.S. Department of the Treasury, has allowed individuals and non-corporate entities to defer their tax payments for three months without any penalty or interest attached.