Professionalizing Bitcoin

In 2014 it felt like every week a bitcoin company went broke, but it does seem now like the market is becoming a bit more professional.

A German company recently launched a platform, for example, where Bitcoin users can follow up with transactions of multiple Bitcoin wallets in one spot, which could help users of the currency with their tax returns.

Coyno, as it’s called, went live a few weeks ago in Beta and is able to combine wallets from 6 different providers, including Coinbase. These are then all kept nicely in spot, which is handy for users with more than one wallet.

Bitcoin transactions

Normally when you make a Bitcoin transaction you have to follow it in a so-called ‘blockchain’ where it becomes visible as a number. Coyno, however, enables users to see exactly where and to whom you are sending the money, like a bank transaction. This allows users to track their expenses better. The start-up does not facilitate transactions, however.

Levin Keller, CEO of Coyno, says that he hopes that the software will help the Bitcoin sector. Coyno was developed as a reaction to people who left the cryptocurrency behind for accounting reasons, the CEO explains.

Great idea

Many people are convinced that Bitcoin is a great idea and that professionals should start to use it, but they are having problems on the accounting side. Their accountants say it is insane to take up Bitcoin in the books, Keller mentions. He heard this frequently as a reason for people to stop using the cryptocurrency; because accountants hate it.

Coyno will add functionality in its application to facilitate tax returns, which is handy because an increasing amount of companies are looking for ways to accept the digital currency as a valid method of payment so that it aligns with their processes.

At this point Coyno has about 200 users and it is charging 20 euros for a personal account per year. Especially for companies, the amount will depend on the number of transactions.