Bitjuice Editor's writes: Ed & Ethan on Let's Talk Bitcoin called CoinCPA "the TurboTax for Cryptocurrencies." This startup answers the question "What's in my cryptocurrency Wallet?" Not only that, it will tell you what different crytocurrencies you have in multiple wallets, various exchanges, mining pools, giving you a breakdown in USD$ in a tidy spreadsheet.
I spoke with co-founder Alan Walker of CoinCPA today. The genesis of this service grew out of frustration he and business partner Tron Black had in maintaining "monster spreadsheets" to track their multiple crytptocurrencies in all the different locations it was stored. As background, both founders are cryptocurrency miners who own various currencies on different exchanges, have multiple wallets and belong to multiple mining pools.
As software developers and entrepreneurs, Alan Walker and Tron Black saw a need and had the skillset to develop a solution. In the process, they created a simple tool that makes it easy to track the location and value of all their funds in USD$. Using custom blockchain explorers (Bitcoin, Litecoin and Dogecoin) that refresh frequently, which keeps the balances up to date. While CoinCPA currently provides balances, in the near future it will also offer transaction data tracking.
CoinCPA was launched April 7th at the Inside Bitcoin Conference in NY, and already has over 500 subscribers. There's a free account for those just getting started (5 wallets, 1 exchange, 1 mining Pool, support for Bitcoin, Litecoin, and Dogecoin). They also offer a premium account for as little as $2.99/month with Unlimited wallets, exchanges, and mining pools as well as support for over 80 altcoins. The payments can be made in bitcoin, calculated at the CoinBase spot price at the time of enrollment.
They don't take a position on IRS Tax compliance, but Tron said that for "those who choose to comply, CoinPay will be very helpful"
He explained the process:
"You put in public key/address, your exchanges, it will figure out the value for you. We can go to the block chain and exchanges and mining pools and collect the data for you. We don't store any value, we just track it for you automatically."
For those who want to track their funds in their own customized spreadsheet or google document, CoinCPA provides an API as well. With this powerful API, CoinCPA also welcomes developers to integrate into the tool to help bring even more value to their customers by providing realtime balance data into their applications.
While already supporting more than 80 cryptocurrencies, if one you want to track isnt' in the list, let them know. Alan said they don't make any judgements on the validity of an altcoin, they'll add it to the list if there is an API to integrate with their system.
Their enhancement roadmap includes adding individual transaction tracking, cost basis reporting and profit/loss reporting. If you want to hear the CoinCPA segment on Ed & Ethan, it begins at the 28:40 mark.
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