Popular crypto portfolio manager CoinStats has raised $3.2 million from top investors. The company, founded in 2017, is a free cryptocurrency portfolio management application and decentralized finance (DeFi) wallet. It provides users with the ability to track their crypto, DeFi, and NFT holdings in real-time with over 300 exchanges and wallet providers in one place. The funding received will be invested in the development of the platform, in particular, to provide users with new functionality and integrated DeFi functions.

The CoinStats app will allow its users to join DeFi protocols and deposit funds directly to them to generate income. This makes CoinStats an aggregator for DeFi, directing millions of users to the protocols listed in the app, which are the most profitable and secure opportunities in DeFi. This could help make DeFi a mainstream phenomenon as the sector remains relatively niche in terms of user numbers despite attracting billions of wealthy individuals.

The decision to raise new investment came after a phenomenal 2021 for CoinStats, which saw its revenue grow 6-fold and its user base 8-fold to reach 1.2 million monthly active users. The platform collectively tracks $500 billion worth of crypto, NFT, and DeFi assets, putting CoinStats on track to become the only platform users will need to explore the ever-evolving world of such assets.

The investment round was led by Alexander Pak from Hack Venture Capital featuring a number of other funds, including Mike Dudas from 6th Man Ventures who considers CoinStats the world's largest cryptocurrency portfolio management app. The investor also notes that CoinStats has created the necessary infrastructure to allow users to truly track what they are doing with their cryptocurrency.

The IT sector in Armenia over the past 10 years has shown unprecedented growth, recording an average annual growth of 23%. Over the past 2 years, more than 20 start-up companies in Armenia have received a total of $700 million in investments. Armenian start-ups with less than 30 employees are exempt from income tax until the end of 2023, and the income tax for employees is 10%. As of 2021, the total turnover of IT companies operating in Armenia exceeded $1 billion. As of 2021, the industry employs 29,000 professionals.