https://ift.tt/XIj8tT0 Portfolio Tracking App CoinStats Collects $3.2 Million From Investors To Foray Into DeFi

CoinStats, one of the largest cryptocurrency research and portfolio tracking apps, has concluded its latest fundraising round. Led by Alex Pack’s Hack VC, CoinStats raised $3.2 million from several prominent investors, including Mike Dudas’s 6th Man Ventures.

According to the CoinStats team, this fresh capital injection will accelerate the development and promotion of the app’s new features as it pivots to enable decentralized finance (DeFi) use cases for its growing user base.

“With the new funds we will expedite our product development and growth delivering better financial products to our users,” says Narek Gevorgyan, Founder & CEO of CoinStats. “I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward.”

Following a successful 2021, the CoinStats team is all set to introduce new products this year. The latest set of features is aimed at helping its 1.2 million users join DeFi protocols and directly invest to earn yields. Essentially, CoinStands will double up as a DeFi aggregator, curating the most effective and reliable opportunities in DeFi while empowering millions of users to invest across them seamlessly.

Alex Pack, the Founder of Hack VC, notes, “We’re proud to back CoinStats, the largest crypto portfolio manager app in the world. Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto.”

An All-In-One Crypto Tracker

Founded in 2017, CoinStats is a free cryptocurrency portfolio management app and DeFi wallet. Using CoinStats, users can keep track of more than 20,000 different crypto, DeFi, and NFT assets all in one place from hundreds of exchanges and wallet providers. 

CoinStats stands out from other similar platforms due to its powerful and unique insights, like transaction analytics, fast trading, and instant notifications. Moreover, the platform also supports military-grade encryption and offers the option to earn as much as 20% APY via staking.

In 2021, CoinStats experienced phenomenal growth, increasing its total users by more than 8x to reach 1.2 million. The platform currently tracks more than $500 billion worth of crypto assets, of which at least $20 billion exist via synchronized exchange accounts. Owing to an enormous inflow of new users, CoinStats’ revenue surged by 6x in 2021, allowing the development team to set up the roadmap for new products in 2022.

By integrating DeFi primitives into the app, the CoinStats team intends to position CoinStats as the only portfolio management platform users will ever need to explore, research, and manage the ever-evolving world of crypto and DeFi. The platform already supports almost every major cryptocurrency exchange, including Coinbase, Binance, and approximately 400 others.