Coyno is a German bitcoin startup that is planning to help you pay your taxes using our beloved cryptocurrency, bitcoin. Galvanized by the innovative blockchain technology, Coyno is formulating a piece of software that will enable users to track all their cryptocurrencies’ portfolios via a simple to manage user interface.
What Is Coyno All About?
Coyno runs now in public beta mode and it enables its users to connect their bitcoin wallets to the service’s platform. The most interesting thing about Coyno is that it coalesces account information from six online bitcoin wallet providers; Armory, Bitcoin Wallet, Coinbase, Electrum, Mycelium and Trezor. Moreover, during his speech at the 2015 CeBIT conference, Levin Keller, CEO of Coyno, announced that more online wallet providers will be added to the platform in the near future.
After adding your bitcoin wallets to your account with Coyno, you will receive a detailed overview of the flow of coins into and outside your bitcoin addresses as the platform collects data of all transactions from your various bitcoin wallets. Coyno also displays the overall value of your bitcoins in various fiat currencies.
Conyo’s service is still in its infancy and the company’s functionality is planned to evolve with serial updates. The most principal update will enable the user to formulate tax reports based on all bitcoin assets from various online wallets.
Are Your Bitcoins Safe With Coyno?
Although Conyo tracks and gathers data from multiple online wallets, the application doesn’t control your private keys, so it is a very secure service that enables its user to fully control his/her bitcoins. Accordingly, Conyo doesn’t have to go through any licensing procedures or anti-money laundering regulations, unlike similar bitcoin payments’ tracking services.
Services like Coyno can help in the legitimization of bitcoin transactions throughout various business models, especially that bitcoin assets are rather hard to tax. Moreover, through simplifying bitcoin accounting and tax reporting of cryptocurrency assets, Coyno can help endorse bitcoin businesses and popularize it as a method of payment.