Ledgible maneuvers crypto taxation to facilitate the institutional adoption of crypto Sponsored
For a long time, institutional investors have hesitated to engage in trading cryptocurrency and prefer to just observe due to the chaotic and volatile nature of the crypto market. As time went on, the chaotic crypto market began to exhibit more characteristics of the structured financial setting seen in traditional finance.
Brands such as Starbucks, AT&T, and Microsoft have begun to accept digital currency-based payment methods. Earlier, El Salvador and the Central African Republic both recognized Bitcoin as a legal tender. In recent news, Goldman Sachs, an investment banking firm, revealed that it is now issuing bitcoin-backed loans as part of its cryptocurrency footprint growth.Investors are frustrated by the lack of a clear and robuststructure for digital assets.
Crypto liquidity fragmentation is also a cause of concern for many investors. There are over 200 blockchains in the crypto sector, with over 6,000 coins and tokens. Crypto liquidity is dispersed among many controlled and decentralized exchanges , causing significant discomfort for traders. But as the institutional adoption of crypto progresses, traders and investors are unsure about the crypto asset’s taxation and the different regulations bounding these assets. To help users keep track of their crypto tax reporting and accounting, Ledgible offers cryptocurrency tax & accounting solutions that effortlessly makes tax reports for all crypto investments.
Ledgible offers capital gain/loss insight across the user’s portfolio and reviews the data on a transactional level to guarantee that users don’t overpay. Ledgible ensures that users’ tax burden is minimized, even in technically complex scenarios like airdrops, hard forks, or NFTs.of reports for the user’s tax preparer, tax prep software such as TurboTax or TaxAct, or general record-keeping for cryptocurrency monitoring.
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