- Summary:
- Arbitrun and Optimism collectively account for more than 80% of DeFi TVL, while Cosmos is also a major player.
CoinTracker, a platform that tracks cryptocurrency transactions and holdings, has announced the addition of support for Arbitrum, Optimism and Cosmos chains. The move is meant to make it easier to report crypto gains and losses on tax returns for thousands of users with assets on the three chains. CoinTracker’s comprehensive crypto tax filing and portfolio management service is now available to users across the three networks.
CoinTracker’s deep-rooted presence in the crypto tax ecosystem
When it comes to helping investors keep track of their cryptocurrency holdings and file their taxes, CoinTracker is one of the market leaders. It supports over 300 exchanges and more than 10,000 cryptocurrencies. Its users have a combined total of more than $50 billion worth of cryptocurrency holdings.
The company has become an integral part of the cryptocurrency tax tracking ecosystem, serving as the go-to cryptocurrency tax partner for many of the industry’s leading exchanges and tax solutions. Some of CoinTracker’s major clients include Coinbase, OpenSea, TurboTaz and Blockchain.com.
Adding more functionality to its system would hopefully save customers the trouble of manually keeping track of the complicated transactions taking place on these blockchains. Together, Arbitrum and Optimism’s Total Value Locked (TVL) represents approximately 80% of the whole Layer 2 ecosystem. This means that they process more transactions volume than market leader Ethereum. Cosmos is also a key hub for cryptocurrency exchanges (DEXs), including Osmosis, and is widely recognised as a key player in the market.
Vera Tzekovenia, COO at CoinTracker said:
“We’re thrilled to widen our integration breadth even further and specifically deepen our product focus on the sovereign future-building robust chain integrations so that users can explore these crypto innovations with peace of mind.”
As a result, CoinTracker has implemented “Sync” features to allow for interoperability with the three blockchains. Transactions on Arbitrum, both old and new, are kept in sync in real time using Arbitrum Automatic Sync. Similarly, Optimism’s Automatic Sync feature syncs all user transactions, old and new. Last but not least, Cosmos Automatic Sync feature will bring in user interactions from Cosmos ecosystem and label any ATOM staking payouts.