Bittrex adds support for ‘Balance’ by HashChain Technology
Bittrex will be adopting the cryptocurrency accounting software ‘Balance’ offered by HashChain technology Inc. Balance is a Software-as-a-Service [SaaS] service that allows the meeting of tax requirements in the users’ countries by analyzing the blockchain to report capital gains and losses.
The currencies supported by Balance are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and DASH. Users will be able to experience ‘quick and secure automated digital currency financial reporting.’ and the software will generate a fiat denomination ledger through analysis.
Patrick Gray, the CEO of HashChain said:
“Even though tax guidelines for cryptocurrency have been around since 2014…… only recent mainstream adoption driving heavy enforcement of these guidelines.”
On upload of the users’ wallets or accounts onto the exchanges, Balance can calculate the exact value of every transaction and track the cost basis and days carried. After calculation of gains and losses, the software compiles the information into a worksheet that can be filed with other tax items.
He further added:
“We will continue to build upon our Balance solution, adding new exchanges and functionality to ensure that every coin holder has simple and secure means of reporting their gains and losses to their respective government entities.”
The service is currently available to all first-time users as a complimentary service to allow the accounting of taxable events. Balance also allows user support for cross-wallet transactions, offering customers who use other tools to generate raw blockchain transactions that span one or more wallets. This provides customers with a simple solution to track their trade history for accurate tax reporting.
As the IRS can conduct audits six years back and have implied that they would be taking a closer look at cryptocurrency holder’s filings, in particular, the significance of the addition of a cryptocurrency asset management service which helps with consumers’ tax filings is paramount.
HashChain has partnered with Gemini and Coinbase in the past, and its adoption by one of the world’s largest cryptocurrency exchange desks emphasizes the shift of exchanges towards regulation as per taxation due to pressure from authorities.
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