CoinLedger

After 13 months of building, today we are releasing Portfolio — the newest product from our team @ CoinLedger. This marks the first major new product launch since our flagship tax reporting suite debuted in 2019. 4 reasons why we decided to build this: 1. User demand We’ve heard the demand loud and clear from our 500,000+ users: In addition to tax reporting, users want a simple, free way to track their portfolio of assets held across all of their wallets. The CoinLedger platform now does exactly that. 2. Drive up Daily Active Users (DAU) Most individuals only need tax reporting ~once per year. This means the average user only logs into CoinLedger a few times during the year. Meanwhile, market participants are monitoring the price movements of their portfolios every day. By integrating Portfolio tracking with our tax reporting engine, CoinLedger can become the hub to monitor gains, losses, and holdings on a daily/weekly basis. 3. Increase top of funnel As a proxy for market size and demand, let’s look at organic search engine data. The keyword “Crypto tax software” is searched ~2,900 times per month adjusted for seasonality as reported by Ahrefs. “Crypto Portfolio Tracker” is searched ~3,400 times per month. This crude method points to comparable market demand for these products. By rolling out our Portfolio Tracker, we can capture the market demand for portfolio tracking in addition to tax software and, overtime, double the number of people coming into the CoinLedger funnel every day. 4. Reduce churn Consumer financial products are often associated with high annual churn rates. By rolling out our free portfolio tracking product, we are creating a “stickier” user experience as individuals begin to track their holdings through CoinLedger every day/week/month. Once tax season rolls around, it’s that much simpler for a user to stick around and purchase tax reports. — Prior to rollout, we have A/B tested this product across tens of thousands of our users. All data from those tests are proving these hypotheses true thus far. We’ll have to see how things look one year from now!