The financial automation revolution is finally coming to crypto
Automation is the story of the modern fintech industry. Aimed mostly at reducing costs for service providers, it could dramatically increase profit margins for large institutions -- but the blockchain revolution was supposed to make the crypto-world more accessible to everyone. Blockchains were supposed to lower the barriers to entry into the world’s most financially lucrative investments, but there have always been a fair number economy-closing caveats to the fully egalitarian blockchain pitch. Now, Vanbex has eliminated one of those caveats, bringing blockchain a big step closer to realizing its democratizing potential.
With the release of the CryptoTaxes platform, Vanbex is helping to make participation in the cryptocurrency, ICO, and STO markets more viable, more possible, than it’s ever been. It uses automation to let non-financial experts file their taxes, quickly and conveniently. It removes the tax compliance anxiety that has always existed around investment in the crypto space -- and for the first time, it makes it possible for tax professionals to service this quickly growing space.
Crypto Is Slowly Entering the Future
It’s ironic, given the blockchain’s nature as a revolutionary technology platform, but the blockchain space is something of a case study in why an entrenched status quo will always oppose systemic change. Early blockchain colonists entered the space with grand ideals of democratization and non-stop technological achievement, once their financial futures became entwined with the current state of the system, that state suddenly became imperative to preserve.
We see this tendency in everything from the widespread aversion to much-needed improvements in blockchain consensus algorithms, to pushback against the fee-saving transition from entrenched cryptocurrency exchanges to automated blockchain relays. It doesn’t matter how uniformly positive a change would be for an ecosystem, there will always be at least one player who loses, and who will resist the change as a result.
In fact, the pairing of automation and blockchain have historically been most successful when the resulting gains in efficiency go to reward already-entrenched institutions.
For Tax Compliance, Crypto Needs an Automated Solution
Now, there’s a product that changes that and streamlines the process of recouping returns on your crypto-purchases: CryptoTaxes.
With CryptoTaxes, you can automate much of the process of calculating and filing your tax obligations for cryptocurrency trades. This lets you stay compliant with all local regulations -- whether you understand them or not. That’s the beauty of CryptoTaxes: our team stays on top of the latest developments in tax filing, so you don’t have to.
In doing so, CryptoTaxes is bringing cryptocurrency trading into the modern era of technology and finance. It is making blockchain into the approachable, streamlined bed for financial innovation that it was always supposed to be, and letting non-financial professionals take advantage of the opportunities of cryptocurrency.
Ultimately, blockchain is a technological standard aimed at democratization of finance and technology in general, but it’s incomplete in this regard. The space needs to continue to evolve so that every aspect of a crypto-trade can be approachable to everyone. That means not just lowering costs, but also time-sinks that make crypto-trading too intimidating for most.
CryptoTaxes is a necessary evolution of the crypto-space, if crypto-trading is ever to become a truly accessible, democratized option for investors everywhere. At Vanbex, we always keep that goal front of mind, and work towards it with everything we do.
We couldn’t be more excited about the impact CryptoTaxes is having, and is about to have.