Cryptocurrency Tax Software NODE40 Supports Coinbase Users Just in Time for Tax Season
Vancouver - HashChain Technology Inc. announced that NODE40, LLC has activated support for Coinbase account holders. HashChain previously announced the signing of the definitive agreement with NODE40 to acquire 100% of NODE40 assets on January 30, 2018 and the parties are proceeding with closing the acquisition in the coming days. NODE40 is a New York based blockchain technology company bringing best-in-class tax compliance to cryptocurrency traders globally.
NODE40 Balance allows users to conduct accurate tax compliance using intuitive, easy-to-use software that analyzes the blockchain, calculates exact net values from each transaction, tracks the cost basis and days carried. Coinbase, the largest digital currency exchange globally, boasts over 13 million users and has funding from the New York Stock Exchange, Bank of Tokyo, Draper-Fisher-Jurvetson, Institutional Venture Partners and Andreesen Horowitz (Source: CoinDesk and Coinbase). The New York based exchange links individual bank accounts to buy and sell access against four leading cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Perry Woodin, Founder of NODE40 and Chief Strategy Officer of HashChain says, "We are thrilled to be integrated with Coinbase because of its widespread, mainstream adoption. In December, Coinbase was the #1 downloaded iPhone app in the U.S. and the size of their user base has surpassed that of major online brokerage platform, Charles Schwab, which serves about 10 million online accounts (Source: TechCrunch). The fact that a cryptocurrency exchange like Coinbase surpassed one in traditional finance, especially one as famous as Charles Schwab, stands as a testament to the mass adoption of digital currency. However, there are very few suitable resources for these users to calculate their tax liability. Our solution is much simpler, and more accurate. Some early cryptocurrency adopters avoid regulatory agencies like the IRS, but Coinbase is focused on investors who understand how critical it is to be compliant. NODE40 Balance now offers an easy way for Coinbase customers to view their transactions in a simple and editable ledger."
Patrick Gray, CEO of HashChain says, "With increasing regulatory clarity in the blockchain industry, it is imperative that people are aware of their cryptocurrency tax reporting obligations, and the best way to execute. NODE40 has a great industry solution; they are a true blockchain company with a critical use case, and we look forward to expanding and accelerating the business. Adding Coinbase to NODE40 Balance was an immense undertaking, but now that it has been done, millions of cryptocurrency traders won't have to worry about making any mistakes during tax season."