Algorand and Blockchain.com users can now report taxes and transactions via a new tool

Algorand and Blockchain.com users can now report taxes and transactions via a new tool

Photo by The New York Public Library on Unsplash

Algorand and Blockchain.com are getting a much-needed boost, the two firms are integrating with a crypto accounting and tax platform to help users easily manage financial implications on decentralized transfers and crypto storage.

Integrating with Verady

As per a release shared with CryptoSlate, Algorand and Blockchain.com will get added to Verady’s “Ledgible” product, allowing users to automatically report cryptocurrency activity and tax accounting.

Verady believes the development helps enterprise users and institutions to consider cryptocurrencies as a potential investment sector. Products for crypto-accounting do exist on the market, but none have integrated with a decentralized asset transfer exchange such as this partnership.

Kell Canty, the co-founder of Verady, states the firm is “determined” to help the institutionalization and progress of the broader cryptocurrency market. Verady has been around since 2016 and features over 15 other exchange partnerships, as displayed on its integrations webpage.

Algorand, founded in 2017 and issuer of the ALGO token, brands itself as a firm “dedicated to removing friction from financial exchange.” The protocol allows the token holders to issue native assets, tokenize products and services, and attach privacy models to existing software.

Sean Ford, COO of Algorand, spoke of the development:

”One of Algorand’s goal is to enable enterprises to easily embrace the opportunity that blockchain provides. Broadly applicable financial reporting tools like Ledgible Accounting further that goal.”

The other partner, Blockchain.com, boasts over 48 million wallet users and does not feature an easy-to-use accounting or financial reporting tool. Ledgible addition would mean tax season gets simpler for users to track transactions and avoid any penalties.

Accounting an important aspect

New product and service offerings, like Ledgible’s professional-grade accounting, can presumably spur mainstream adoption by leveraging blockchain technology.

Firms like Verady suppose the introduction of such solutions while ensuring they are widely available and accessible would help newer users become conversant with cryptocurrencies similar to traditional financial solutions.

Government sentiment around the world remains mixed on cryptocurrencies. But as several reports show, financial bodies are pushing for increased regulation and taxation of digital assets, if tokens are to be accepted in the economic framework.

Meanwhile, Algorand was in the news recently. CryptoSlate reported a “venture studio” was onboard to help develop the company’s underlying ecosystem. Not all is well on the token side thou, ALGO finished as the “worst performing ‘major’ crypto” in 2019, with a 90 percent drop compared to other large-cap tokens.

Posted In: Partnerships, Taxes

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