The Bitcoin Industry is booming, and the technological innovations continue to exceed all expectations.
A Berlin-based Bitcoin startup, Coyno has launched a platform capable of tracking multiple transactions across multiple Bitcoin wallets. In the beta mode with over 150 active users, the platform stores the full transaction history, tracks the value of stored Bitcoins, and connects to HD wallets. The startup has even set an ambitious timeframe of one month to expand the subscriber base ten times.
The German company’s beta version went live six weeks ago and can manage six wallets at a time – Coinbase, Electrum, Trezor, Bitcoin Wallet, Armory, and Mycelium.
The platform has a very simplified UI, which the co-founder Erasmus Hagen believes to be the key for greater Bitcoin adoption. In a normal Bitcoin transaction, users have to track it in the blockchain – ledger of payments – where it is stored as long numbers, but Coyno provides its users with easy-to-understand graphs to exactly understand the route of the cryptocurrency, just like a bank statement.
“Current wallets are nice, but just look at a Bitcoin address. When I look at my phone wallet, it’s impossible to remember what [transactions] happened at the time unless I write it down. Just to have a graphical representation, to help you use Bitcoin the right way, is going to be absolutely crucial to mainstream adoption,” says Hagen.
The German government taxes Bitcoin users if they make a profit selling the digital currency. The idea for Coyno was developed when the co-founder and CEO, Levin Keller faced difficulties while compiling the transaction records necessary to file Bitcoin taxes.
Coyno is also planning to introduce several other features very soon. The startup plans to introduce a tax reporting feature where users can calculate the optimal cost basis method (LIFO, FIFO, average) for paying taxes related to the cryptocurrency. The product would put Coyno in the league of LibraTax, which is an accounting software to file Bitcoin taxes in the United States.
Apart from the six mentioned above, the company plans to support a huge number of Bitcoin wallets such as Blockchain.info, Hive, and MultiBit.
Understanding that users would want to stay connected with the Bitcoin markets, Coyno is working on connecting the platform with exchanges so that important data can be imported.
Coyno’s policy of not touching people’s private keys gives it a tremendous advantage over other similar startups. This helps the startup to skip the tediously long procedure of obtaining a license from the regulators and avoiding the know-your-customer (KYC) rules.
The three-person startup comprising of co-founder Erasmus Hagen, CEO Levin Keller and technology lead Leopoldo Godines, had won an entry to the coveted Axel Springer Plug and Play Accelerator program last November where it received the initial funding of €25,000. The company utilized the complete amount in developing the beta project.
The company’s co-founder Hagen said that manufacturing hub of the Eurozone does not provide the much needed financial support to the Bitcoin startups, and hence, the digital currency industry has been facing major difficulties.
