Taking the total of leading cryptocurrency exchanges it supports to three, Vancouver’s HashChain Technology (TSX-V: KASH)(OTCQB: HSSHF) said its cryptocurrency accounting software, branded "Balance," will now support the Bittrex exchange. Previously, Coinbase and Gemini adopted Balance for their exchanges.
Bittrex facilitates trading of nearly 200 digital currencies, including the household names like Bitcoin, Ethereum, Litecoin and Ripple and many upstart currencies that are only recently getting some attention. Balance, a Software-as-a-Service by HashChain, allows for fast and secure automated digital currency financial reporting for the exchange’s users.
With Balance, Bittrex users can directly upload digital wallets or accounts and then Balance takes over, calculating exact values of each transaction and logging cost basis and days carried. Users can generate a fiat denomination worksheet to report capital gains and losses as required by law. HashChain offers the product as a complimentary service to first time users.
The cryptocurrency revolution that exploded on the scene last year sent warning alarms off at regulators worldwide. Tax code has been in place for four years to cover cryptocurrencies, but the reality is that they were so infrequently used that they weren’t the highest priority for the Internal Revenue Service.
If the agency wants to, though, it can go back six years and audit a person’s finances, meaning that reliable and accurate documentation is a must for anyone delving into the cryptocurrency space.
Unfortunately for shares of KASH, the company joined the public domain right at the end of the first cryto/blockchain hype cycle as Bitcoin soared near $20,000 late last year. Since then, whether deserved or not, crypto and blockchain stocks have languished for the most part.
Shares of KASH have skidded from their record high of $1.84 to as low as 20.5 cents in April on the TSX Venture Exchange. The stock looks to be making a comeback, climbing off the bottom to 44.5 cents last month before slumping back down under 30 cents.
With an hour left in Wednesday’s session, KASH stock was down 1.9% at 26 cents. U.S.-listed shares are off by 6.5% at 20 cents.
