Software startup Coinbooks, which is only 3 months old, has secured a total of $3.2 million in funding from investors including Y Combinator, Multicoin Capital, Lattice Capital Partners, Polygon Technology’s founders, Seed Club Ventures, and Orange DAO.
Established by CEO Arnav Bathla, the firm intends to transform the way decentralized autonomous organizations (DAO) and crypto firms currently carry out their accounting.
The 21-year-old CoinBooks founder noted that the existing accounting platforms integrate with your bank accounts. He further explained that DAOs and crypto firms use digital wallets for their cryptocurrency transfers. He added that this means they need to manually copy-paste transfers onto existing platforms in order to track their crypto-assets.
DAOs reportedly saw considerable growth during the past year, with almost 1.7 million members and $16 billion in total AUM as of December of last year. But unlike more traditional firms, DAOs work via smart contracts and usually make use of flat organization structures.
Coinbooks’ management explained that the platform works by integrating with virtual currency wallets and existing accounting software so that crypto firms are able to manage their crypto and non-crypto transfers from a single interface.
Coinbooks recently had another fundraising round for $2.5 million, with a pre-seed in February 2022 valued at $700,000.
With this capital injection, Bathla is now planning to form a more solid team, test for an appropriate product-market fit, and also focus more on scaling business operations.
Coinbooks will reportedly be joining Y Combinator’s Summer 2022 cohort.
Digital asset firms and platforms continue to acquire substantial amounts of funding.
As reported recently, CoinRoutes, an algorithmic trading platform for digital assets, finalized a $16 million Series B round, which was led by Ayon Capital.
The CIO for Ayon Capital, Rahul Pagidipati, Co-CEO of Zebpay and Board Member for Brave Browser, will join the CoinRoutes Board. This latest investment round includes contributions from Susquehanna International, Cboe Global Markets, Celsius, CMT Digital, Genesis Global Trading, Galaxy Digital, Arca, Mirana Ventures (venture partner of Bybit and BitDAO), GSR Markets, AscendEX, and others.