The introduction of blockchain technology has brought various opportunities and innovations in the decentralized space. Along with these positive outcomes, the adoption of crypto tax has taken the blockchain arena to a different horizon. Crypto taxes refers to the taxes that are levied on transactions involving cryptocurrencies, such as Bitcoin or Ethereum.
The jargon and technicalities surrounding crypto tax rules have been very complex depending on different geographical locations and jurisdictions. Thereby, a platform that caters to accounting and crypto tax requirements of traders, institutions, and enterprises became the need of the hour.
Utilizing the opportunity of the ongoing wave, Ledgible a crypto-tax accounting platform came into the limelight. Ledgible is a one-stop platform specially curated to address the crypto-related demands of enterprises, institutions, and professionals.
Seeing the rise of trading institutions in the crypto space Ledgible has also taken the initiative to boost the TradFi adoption in the crypto space.
What is Ledgible?
Ledgible is a scalable platform that has been designed as a solution for cryptocurrency tax and accounting. Since its inception, the platform has been utilized all around the globe by various financial institutions, corporations, CPAs, and accounting firms.
Ledgible has made crypto tax, crypto accounting, and crypto audit for billions of dollars of crypto assets a cakewalk. Additionally, for users who are seeking traditional financial verification, reporting, and assurance, Ledgible provides the tools they require to efficiently embrace cryptocurrency in their work.
It is an AICPA SOC 1 & 2 Type 2 assured tax reporting and portfolio tracking platform established as a crypto asset solution for tax and accounting professionals with leading accounting firms, institutions, and major crypto companies all around the globe. Reports suggest that the Ledgible Crypto Tax Pro is utilized by various firms making tax reporting simple for professionals as well as amateurs.
Advantages offered by TradFi
The blend of blockchain technology into traditional finance (TradFi) has provided a lot of benefits to traders in the crypto space which are as follows:
- Effectiveness: With the usage of tradeFi, users can complete their transactions directly between relevant parties, without any intermediary. The incorporation of smart contracts further enhances the entire process by making it secure and automated. All these results in the smooth streamlining of trade finance processes with minimal costs, and higher transaction speed.
- Identifiable: Blockchain technology makes tracking goods/assets for both importers and exporters much easier. Additionally, related asset information can be received from the previous and passed on to the new owner for possible action enabling new financing opportunities and perfection of an interest in the trading of goods.
- Transparency: The distributed ledger technology of blockchain by recording all the transactions makes the entire process transparent and trustworthy. In addition to tradeFi, more options for financing trade and reducing the risk of records tampering are available to the public.
- Auditability: The sequential and indefinite recording of each trade finance transaction is all possible because of blockchain technology. The latter has resulted in life long audit trail of the traded asset and quality verification of assets authenticity with minimized compliance costs.
- Reliability: Independent cryptography is utilized for the verification of each transaction within the trade network. The cryptographically protected keys and encryption securely transmit data between different financial institutions and thereby, privatize the entire data.
Ledgible catalyzing TradFi adoption
In general, the adoption of cryptocurrencies and cryptocurrency trading platforms has increased significantly in recent years, as more people have become interested in this asset class and the underlying technology of blockchain. Many traditional financial institutions and online brokers now offer cryptocurrency trading, and there are also a large number of specialized cryptocurrency exchanges and trading platforms available.
Seeing the rising graph of crypto trading institutions, Ledgible with its taxation and accounting features has streamlined the TradFi adoption process. Firms using Ledgible, can now connect their client’s portfolios, report crypto transactions and automatically calculate gains and taxes.
TradFi adoption can become much easier with Ledgible’s direct integrated professional tax software. Additionally, automation of crypto activity in a structured traditional format has also become easier with the Ledgible platform. With its advanced professional taxation properties, firms can easily handle crypto reporting and expand their service offerings and deliver crypto advisory, reporting, and tax planning as and when required.
Ledgible and its key offerings
Ledgible offers some stand-out features for its users to get rid of the hustle of crypto taxing and accounting and also boosts the TradFi adoption:
- Integrated crypto tax gadgets: The platform is curated by professionals with advanced features for experts in the crypto tax field. With Ledgible’s Crypto Tax Pro users can now easily incorporate crypto into their existing tax preparation workflow making tax preparation much easier. Additionally, by making crypto legible, Ledgible enables users to quickly account for the crypto tax while initiating their tax process.
- Crypto tracking and tax reporting: Users by connecting their wallets, exchanges, etc can calculate their crypto tax burden, deliver present-year planning, and prepare their tax reports. Ledgible with its secure and automated DIY crypto tracking and tax reporting makes the overall process simpler.
- One-stop crypto management: The Ledgible Crypto Enterprise & Institutional Crypto Accounting application is designed from the grassroots level to streamline users’ digital asset accounting operations and businesses’ cryptocurrency. Users can blindly rely on Ledgible to track cryptocurrencies for their institutional and business needs. All one needs to do is connect to their preferred accounting software and they can have one-stop access and manage their crypto financials.
- Seamless pricing with higher value: The platform provides a straightforward pricing structure for each application. The clear upfront base pricing with clearly defined transaction tiers results in maximum value generation. The accounting team also connects with the users to prepare reports based on the specific accounting needs of the individual.
Closing thoughts
The current situation of the trade finance process is backed by various limitations hampering the growth of TradFI adoption. Unstructured data, the burden of physical documents, huge compliance checks, and the steady rise in volume errors have been the major bottlenecks of the current TradFi process. Thereby, Ledgible with its crypto tax and accounting platform has taken the step to pace up mass TradFi adoption.
Taking care of all the hubbub surrounding the crypto space, Ledgible has come in as a solution to cater to all the needs of traders and investors. Partnering with Blockworks, Ledgible is all set to release a crypto tax guide for investors, accountants, and institutions by integrating crypto data into their existing financial systems.
Additionally, Ledgible with the help of software tools is also responsible for creating, curating, and organizing cryptocurrency learning content for experts in the industry. The platform has also laid its key focus on expanding its crypto knowledge base and creating a hub for financial professionals to join and learn about cryptocurrency and digital asset markets.
For more information on Ledigble, please visit their official website or follow their Twitter handle.
Disclaimer: This is a paid post and should not be treated as news/advice.
Source: https://ambcrypto.com/ledgible-catalyzing-tradfi-adoption-with-its-crypto-taxation-and-accounting-tools/