Coyno Helps Bitcoin Users Manage Funds on Various Wallets, Tax Reporting Features Coming Soon

Coyno, a Berlin-based startup, aims to boost bitcoin management efficiency across multiple wallets. The new company took part in Axel Springer Plug and Play Accelerator last year, where it received around $26,000 in funding.

At the moment the platform is still in beta mode with over 150 active users participating in the program. Coyno includes a robust user interface and simplified graphs, allowing users to see how their bitcoins are allocated in real-time.

Individuals can choose from a total of six different wallet providers including Coinbase, Electrum and Trezor. A detailed breakdown of each wallet is also available from the dashboard.

When asked about how the company’s new offering can help the bitcoin community, co-founder Erasmus Hagen said the following:

“[Current] wallets are nice, but just look at a bitcoin address. When I look at my phone wallet, it’s impossible to remember what [transactions] happened at the time unless I write it down. Just to have a graphical representation, to help you use bitcoin the right way, is going to be absolutely crucial to mainstream adoption.”

The startup plans to include tax reporting capabilities to the platform, which was the core inspiration for the service. In addition to tax accounting, the pioneer team hopes to roll out a range of digital currency analytics software in the future.

Coyno has several advantages over other bitcoin services in the industry. The company doesn’t actually handle users’ private keys or their personal funds. Furthermore, licensing from regulators and compliance with anti-money laundering (AML) or know-your-customer (KYC) rules are not required for the firm to operate.

“We never touch your private keys. You can do a lot of cool things [in bitcoin] without ever having to control people’s funds,” mentioned Hagen.