HashChain Technology, announced that its Balance cryptocurrency accounting software, adds support for Gemini, a New York State licensed and regulated digital asset exchange, and provides additional support for transactions that span multiple wallets of digital currency holders. With these enhancements, HashChain continues to advance the software.
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 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.”