Crypto tax platforms are becoming very popular. Could you talk a bit about some of the major milestones achieved by Accointing over the years?
Sure thing. The first milestone that we achieved was the launch of our alpha back in 2019 with a fully decentralized team. We were spread all over the world and still managed to deploy our platform fairly quickly and on time. The second milestone would be the launch of our portfolio tracker back in 2020. We really struggled to figure out how to create a tracker that allowed us to add more value to our users than what currently existed in the market. The third milestone was scaling the team to 50+ while remaining decentralized. It was always a key part of our ethos to stay decentralized as we believe that’s the future of work. Our last milestone was to achieve 200,000 users and partner up with BDO. It was crucial for us to have a relatively big baseline in the countries that we currently support (US, UK, DE, CH, AT, and AUS) for scalability. The next milestone is the 500,000 sign-up mark as well as our series B funding round.
Looking at the fast-paced crypto ecosystem and its users, who is your current customer base and how do you see it developing in the future?
In general, our customer base is pretty much everyone in crypto. For our crypto tax solution, our target audience is more specific as it is mostly tied to the number of regulations in place in different countries. Currently, we cater to these markets with country-specific reports: US, UK, Germany, Switzerland, Australia, and Austria. We will be expanding soon to other countries with a clear regulatory cryptocurrency framework in need of an easy-to-use crypto tax reporting solution.
Our portfolio tracker is for everyone. We have people from all around the world using it. Currently it is available in German and English with support for 21 fiat currencies. Our tracker is extremely popular with our tax reporting solution as they are complementary. However, we have seen a very big growth in usage from other countries like Colombia, Mexico, Turkey, Singapore, Venezuela, the Philippines, and India.
In the future, ACCOINTING.com will become the all-in-one solution for people looking to track their portfolio, deep dive into tokenomics, and be compliant with taxes and regulations worldwide.
What are your most used services and how do you plan on developing them further?
Our current offerings are both the portfolio tracker and the crypto tax solution. In the future we will be working on 3 key things in all our products:
- UI/UX: we will be enhancing the entire experience in both our app and desktop solution, for portfolio tracking and tax reporting.
- Data Analysis: we will be upgrading and adding some of the currently available features like NFT support, Profit and Loss, Average Buy Price, On-chain analytics, Sentiment analysis, market sectors, and many other cool features.
- Educational Content: the current market sentiment is not great. We want to help users make smarter decisions with better data. We want to help them build narratives with data and allow them to trade better, legally, and safely.
In a competitive crypto space, there are other well-known crypto tax platforms. How is Accointing delivering a better or more unique customer experience and services than its competitors?
One of our key offerings is the fact that we generate specific tax reports for each country. What does that mean? It means that we deep dive into the regulatory framework of each country and we make sure to map out all the different types of transactions (airdrop, income, trade, margin trading, staking, swaps, credit card transactions, etc) to regulation in each country that we support. That way, we can generate the most accurate crypto tax report.
One major thing that gives us an edge over our competitors is the fact that we offer an amazing crypto tracker so you can take your crypto portfolio with you and be able to add transactions on the go. Crypto transactions can happen anywhere and we want to make sure that our users have the ability to use ACCOINTING.com everywhere and anywhere.
Having been active in the crypto space for some time across a variety of markets worldwide, what have been some of the changes Accointing has experienced in regards to consumer behavior?
This is a great question. As stated before, we started back in 2019 in a bear market, recovering from the 2017-2018 crash. People had a very pessimistic mentality and a lot of news surrounded crypto shortly after regarding scams and bankrupt exchanges (Cryptopia, QuadrigaCX, and OneCoin). Crypto taxes were seen as blasphemy to the anarchists in the space and back then, OGs.
We saw how regulations started to evolve and how the different governments started to prioritize cryptocurrency as a key asset to address to increase tax collection. We saw the evolution of the IRS prosecution after exchanges like Coinbase, Kraken, Poloniex, and others and we saw how some other countries took to similar practices like HMRC in the UK and ATO in Australia. Germany had a pretty well-established direction with only a few proposals to change the 1-year holding period policy.
How is your product priced? Any special deals we should know about?
Currently, offer yearly tax packages based on the number of transactions. Our crypto tracker, however, is absolutely for free.
Let’s say that a customer has made some revenue from their crypto traders over the past year and they want to cash out. What should they do?
I would say two things:
- Make sure that you are cashing out at the right time- based on your country’s regulations, you could save a lot of money in taxes if you manage to keep tokens longer than 1 year.
- Make sure to file your taxes- even if you think the tax authorities won’t get you, that has never been the case. In the US for example, the IRS can go back up to 6 years to check if you accurately file your taxes.
About Accointing
We are a crypto tax tool with a portfolio tracker that allows you to track and analyze over 18,000 tokens and report your taxes for more than 400+ wallets and exchanges.
ACCOINTING.com was founded in Switzerland and currently has more than 55 employees worldwide helping crypto traders file their tax returns and keep track of their portfolios.
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