ATLANTA, Jan. 27, 2022 /PRNewswire/ -- Ledgible, the leading professional-first platform for tax and accounting of crypto assets formerly aligned under the Verady brand name, announced the company's comprehensive crypto tax management and reporting solution is now unified under the Ledgible Platform to connect traditional finance and accounting with the new realm of cryptocurrency and Decentralized Finance (DeFi). Crypto continues to grow in popularity and is going mainstream because of massive increases and adoption by investors, consumers, and financial institutions. The market cap for all cryptoassets is in the trillions meaning that tax and accounting professionals need a tax solution that is made for the blockchain.
This announcement comes alongside the news of Ledgible Crypto's full integration into the top professional tax software solutions in the world. These integrated tax platforms are used by tax professionals to file over half of all the tax returns in the United States. With over 50 million Americans owning cryptoassets, Ledgible Crypto's ability to enable these financial advisors to accurately assist their clients in handling this new asset class for reporting and planning is critical.
"With the start of tax season this week, we want to make Ledgible available to all the hard-working tax professionals who are discovering they have clients with crypto when filing 2021 tax returns. The first question on the 1040 form is now asking if the filer has crypto," said Kell Canty, CEO of Ledgible. "Our goal at Ledgible is to help empower tax professionals to serve their clients' crypto needs. The Ledgible Crypto Platform automatically identifies taxable crypto transactions and calculates the gain/loss in the necessary reporting format for both individuals and tax preparation firms."
One of the biggest challenges for crypto holders and tax professionals is to account, track, and manage all the crypto data across multiple wallets and exchanges to calculate gains/losses and income. Holders do not receive monthly statements and this process is time-consuming and difficult to do manually. While many transactions, like selling crypto for US dollars or other traditional currencies are widely understood, there are several nuances unique to crypto including, NFTs, swapping, hard forks, airdrops and making a purchase in crypto as well as income from mining, staking and other DeFi activities.
The Ledgible Crypto Platform is the bridge between cryptoassets and traditional financial accounting and the most advanced platform available for determining crypto tax liabilities and delivering that data to the tax filing systems used by professionals. Ledgible Crypto Tax is a SOC 1 & 2 Audited platform that features client and team management, collaboration driven workflow, and advanced crypto tax features for tax professionals. The platform produces IRS Form 8949 and other reporting formats that are directly importable to filing systems with all major tax and accounting solutions. The Ledgible Platform supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and wallets.
Along with the Ledgible brand unification, the Company added two new executives. Trevor English is VP of Marketing where he is implementing SaaS brand strategy to accelerate the company's growth and generate awareness around crypto tax obligations. Joe Stephens also joined as CFO where he oversees financial operations planning and reporting.
Ledgible Crypto provides AICPA SOC assured tax reporting and portfolio tracking for crypto assets for professionals, enterprises, and consumers. The Ledgible Crypto Platform is the proven crypto asset solution for professionals with leading accounting firms and major crypto companies globally. Ledgible Crypto Tax Pro is used by thousands of firms to make tax reporting easy for their professionals and clients. For more information, visit ledgible.io.