Levin Keller is known to many in Berlin as the man who warned everyone about the dark scenario where buying Bitcoins in Europe would be subject to VAT. As with the VAT issue, Levin was also concerned with the complexity of filing tax returns. For merchants and companies dealing in Bitcoin, keeping track of gains and losses makes proper accounting a messy ordeal.
His startup, Coyno, hopes to solve that by providing standalone, read-only bookkeeping for your existing wallets. Coyno allows you to import the public seed from your HD wallet and keeps track of transactions. The service, currently in beta, reads your wallets’ public addresses and stores bookkeeping information whenever a transaction occurs. By recording the exchange rate at the time of transaction, Coyno can generate reports of taxable events, allowing users to more easily file their taxes. By allowing Coyno to read all your wallets, it’s able to differentiate incoming and outgoing transaction from funds being moved within your organization, a feature lacking from other reporting tools.
Levin also talks about his journey of being incubated at the Axel Springer Plug and Play Accelerator in Berlin. He also weighs in on some of the challenges of building a Bitcoin startup and attracting investors in Europe.