Balance is a Software-as-a-Service (SaaS) offering that allows cryptocurrency users to meet tax requirements in their respective countries by analyzing the blockchain to report capital gains and losses for Bitcoin, Bitcoin Cash, Ethereum, Litecoin and DASH. For tracking activity from exchanges, users can directly integrate their Coinbase accounts with Balance and can now upload their transactions from Gemini. Balance also supports blockchain transactions created with software wallets where it calculates exact values of each transaction, and tracks the cost basis and days carried. Once the gains and losses are calculated, the software automatically details the information on a worksheet that can be shared with a CPA to file with other tax items. Whilst there is no formal agreement between HashChain and Gemini, the Balance addition means Gemini account holders can easily import their own transaction history onto a compatible piece of software.
Gemini is a licensed digital asset exchange that allows customers to buy, sell, and trade both Bitcoin and Ether digital currencies. As a New York trust company, Gemini is regulated by the New York State Department of Financial Services (NYSDFS) and subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law. With this new support, users will now be able to easily download raw transaction data from their Gemini account as a spreadsheet and upload the file directly into HashChain’s Balance software. Balance will identify which currencies the user traded and generate comprehensive ledgers for each including gains and losses. The integration is designed to support any digital currency Gemini might add in the future.
Support for Cross-wallet Transactions
Balance is also adding support for cross-wallet transactions, offering customers who use third-party tools to generate raw blockchain transactions that span one or more wallets a simple solution to track their trade history for accurate tax reporting. Most hardware wallets allow owners to maintain multiple cryptocurrency accounts, and while many holders choose to keep accounts isolated, others treat several accounts as a single collection of digital currency. Balance can retroactively track the transactions that drew inputs from multiple accounts, which have been incredibly challenging for software and for digital currency holders until now.
“As digital currency continues to push its way into mainstream financial sectors and individual adoption continues to explode, we expect to see more coin holders using third party software to manage their digital investments,” said Patrick Gray, CEO of HashChain. “Consequently, we expect complex trades will become commonplace and we are dedicated to ensuring that our cryptocurrency tax software meets customer needs now and in the future.”
On March 5th, 2018, HashChain announced that Balance expanded services globally to meet the needs of cryptocurrency investors, as many countries tighten their tax laws around cryptocurrency transactions. On February 7, 2018, Balance activated support of the Coinbase exchange.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV:KASH: OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining ‘wins.’ HashChain currently operates 100 Dash mining Rigs, 770 Bitcoin Rigs, and has purchased an additional 3,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 5.8 megawatts of power. HashChain also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 Dash coins. Diversifying its business strategy beyond crypto mining, the Company recently acquired assets of NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York, with offices in Vancouver, British Columbia.
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the performance of the Company’s operating and purchased Rigs, and expectations regarding future operations may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including that the 3,000 Rigs will be successfully delivered, the 3,000 Rigs will perform as expected by management. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that the 3,000 Rigs will not be successfully delivered to the Company when expected by management or at all, the risk that the Company’s current and ordered Rigs will not perform as expected by management. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE HashChain Technology Inc.