A wave of financial innovation the likes of which has no perfect historical comparison—although many make attempts to draw them. A wave that ushers in the future of finance: open, decentralized, and peer-to-peer enabled.
If you have had the benefit of working within the crypto industry over the past years, it’s likely that you’ve seen this wave on the horizon. It’s coming, fast, and there’s no stopping it.
The business models of ‘financial middlemen’ are getting disrupted before our eyes as this wave continues towards the shoreline. Many businesses that make sense today will not make sense in the crypto-enabled world of tomorrow, and the human capital locked up in them will get redeployed within new markets.
This reallocation of resources always happens when large, new technology shifts occur. Yes, many businesses do not make it, but overtime resources are better allocated. Economies benefit, and standards of living rise.
Perhaps then instead of “batting down the hatches'' and fighting against this wave, you should simply grab a surfboard and try to ride it. This seems like the better path if you ask me.
One thing is for certain: Those who are early to the wave benefit from its momentum and often go for the ride of a lifetime.
At Coin Ledger, we are intimately focused on riding this wave by building picks and shovels businesses for the participants of the crypto-economy.
Looking back at history, it’s picks and shovels businesses that typically have outsized success as new markets emerge. Instead of betting on one concept within a quickly growing market, bet on the businesses that service the market as a whole.
These businesses are the Levi & Straus’s of the 1848 Gold Rush, the Microsoft’s of the personal computer boom in the 1980’s, and the Shopify’s of the eCommerce explosion throughout the 2010’s.
At Coin Ledger, we’re building picks and shovels for the crypto-economy as fast as we can.
Data is at the core of everything we do.
Being able to seamlessly retrieve data and illustrate how any user has interacted within the new crypto-economy is a difficult technical problem to solve. Crypto usage is fragmented across centralized exchanges, blockchains, defi protocols, and hundreds of crypto projects. How can one stitch together all of this data in an easy and consumable manner?
This issue is at the heart of many crypto use cases. From a business perspective, it makes the most sense to work on this problem in a narrow scope initially and expand the solution outwards overtime based on feedback from users and the progress of the market.
The man who moves a mountain begins by carrying away small stones. - Confucius
At Coin Ledger, we are solving the data fragmentation problem by applying it to the tax use case first.
You may or may not be familiar with our tax software, CryptoTrader.Tax. Today, CryptoTrader.Tax is used by over 100,000 crypto investors and tax professionals to automatically generate gains, losses, and income reports based on the historical transaction data of any crypto user. In a few clicks, you can import all of your transaction history into the application and generate instant profit and loss tax reports to send off to your accountant or to file yourself. It’s a great business that solves a difficult problem within the space, and individuals are willing to pay a lot of money to get that problem solved.
Yes, taxes are where we began, but it is not where we will end.
At Coin Ledger, we are in search of the most talented and most passionate individuals to help us continue to solve the fragmented data problems of the crypto-economy.
There is enormous upside to solving this problem and signing up for this mission.
We envision a world where the technology and data pipes that you help us build will enable any crypto participant to instantaneously get a transaction-by-transaction breakdown of every interaction they’ve had within the crypto-economy from the click of a button. Then, from the page of a web browser or from the palm of your hand, you’ll be able to see exactly how you interact with this new world.
The technological use-cases that this functionality enables are endless. Ultimately, we believe this technology will become a portal into the new world of Web3 and the crypto-economy.
Co-Founder & CEO
Coin Ledger Inc, CryptoTrader.Tax