Crypto Portfolio Tracker Raises $1.5 Million in Funding

Cryptocurrency investment management startup CoinTracker has raised $1.5 million in seed funding from some heavyweight investors, the firm announced on Tuesday.

CoinTracker co-founder Chandan Lodha told CoinDesk that the company's core premise is to "Make crypto more accessible, easier to use and simpler for a mainstream audience."

In the interview, Lodha said that the company was born out of his and co-founder Jon Lerner's frustration with tracking their crypto investments.

The team then added API integration and Google apps scripts, which Lodha described as a "Really heavyweight hack-y solution" for what seemed like a simple problem.

This "Pain point" prompted Lodha and Lerner to develop a simpler front-end for the product, which eventually evolved into "a simple dashboard for a unified interface of all your crypto assets."

Most recently, CoinTracker introduced a tax feature to further simply crypto investors' experience.

The new tool "Parses all the different trades and transactions you have and actually outputs a filled-out IRS Form 8949," Lodha said.

Lodha and Lerner don't intend to stop at taxes and have plans to take on other aspects of the crypto space that are currently inaccessible.

The co-founders plan to use their seed funding to realize this goal, first by expanding their team to include more full-stack developers.

"There are obviously many areas of crypto that are very confusing and complicated," Lodha said.