Just in time for this year’s tax season, Canadian blockchain company Vanbex Group officially released CryptoTaxes, a web based application created for reconciling cryptocurrency transactions to help accountants and crypto traders with calculating their adjusted cost base (ACB). This release follows the recent unveiling of the company’s rebrand, as well as the company’s showcasing of Rocket 2.0, a powerful all-in-one Security Token Offering (STO) solution.
Initially designed as an internal product to help Vanbex prepare for the impending tax season, the simple and lightweight program automates much of the tax information formatting process. It is user-friendly and compatible with a wide variety of workflows. What normally could have taken months to manually calculate, can be done in seconds when users upload their transactions to CryptoTaxes. The result is an accurate ACB number which accountants and traders can use.
“The challenge is that cryptocurrency like bitcoin does not meet Generally Acceptable Accounting Standards, and is a real challenge for any accounting firm to properly reconcile cryptocurrency transactions that total in the thousands per tax filing. Often this means accountants are stuck trying to calculate the Adjusted Cost Base, which involves calculating the net capital gain and loss for nearly every trade.” comments Kevin Hobbs, CEO of Vanbex Group. “With CryptoTaxes accountants, traders, or anyone who needs to file crypto related taxes can do it with ease and confidence. We are really excited for the release of our second product that solves a big problem in the Blockchain and Cryptocurrency industry.”
“With CryptoTaxes, Vanbex delivers government compliance for cryptocurrency trading and tax reporting. We are really excited to introduce full, true end-to-end compliance, from issuing digital securities through secondary market trading.” Doug Dyson, Sr. Project Manager at Vanbex Labs, further comments.
CryptoTaxes is a proud outcome of what Vanbex Labs represents - a team building cutting edge blockchain technologies and creating products that have the ability to transform entire industries.
For media inquiries, please contact: Linda Peng, PR Manager, Vanbex, [email protected]