Big Data and Blockchain go hand-in-hand, increasing investment in cryptocurrencies and an increased indulgence in Crypto Airdrops. Thus, accounting software dedicated to Bitcoin (BTC) and digital assets like Ethereum(ETH), Cardano (ADA), Dogecoin (DOGE), Binance Coin (BNB), Stellar (XLM) are the need of the hour. With many corporations investing in Altcoins and Stablecoins, the regulation standards for Decentralized finance (DeFi) have become stricter in the US and the rest of the world. This is where TaxBit’s revolutionary accounting software comes into play.
The use of Blockchain in FinTech is nothing new. However, TaxBit takes it to the next level by making it easy to deal with cryptocurrency taxes. Now, with its accounting software, the startup is drawing in corporate America investing in Bitcoin Cash (BCH), Polkadot (DOT), Stellar (XLM), ERC20 Tokens, and crypto mining generally. Thus, TaxBit enjoys a diverse clientele, including BlockFi, Fireblock, IVP, and IRS.
Why is TaxBit getting such attention? The answer is obvious when one observes the Blockchain Technology news and Cryptocurrency Regulation News in different countries. While investors called it cryptocurrency, from a tax and accounting perspective, it is a crypto property. Thus, transactions involving NFT – Non-Fungible Tokens, Crypto Hardware Wallets, and any digital currency are potentially taxable, and individuals involved are liable to report these. TaxBit offers a safe platform to streamline crypto taxes in the US.
With many Blockchain Applications, BaaS – Blockchain-as-a-Service services, and Blockchain Mobile Apps cropping up, the number of investors in digital assets is through the roof. This heightened use of Blockchain in the industry has resulted in digital assets taxing at the same rate as capital gains. Thus, with its Crypto Market Analysis and a unified accounting platform for digital assets, TaxBit is bound to spread its reach across corporate America in the coming future.