The industry leading platform for cryptocurrency accounting and tax, Blox, has launched the industry’s first automated and accurate cost basis tool for calculating cryptocurrency profit and loss. Today’s cryptocurrency community has already penetrated the mainstream world, creating a complex series of unique challenges for today’s crypto accountants, tax professionals and blockchain businesses. Now available for Blox business users, the new Cost Basis tool is a welcomed addition to the company’s existing suite of tools, according to customers and the industry at-large.
The cryptocurrency industry is still lacking the important legal framework for understanding cryptocurrency accounting and taxation. But as cryptocurrencies continues its rise to dominance, companies like Blox are already deploying the industry’s most vital solutions.
Crypto companies and blockchain business suffer from an inability to quickly and reliably calculate P&L for clients and businesses. There are three primary issues that exist which form technical obstacles: data completeness, transaction type and volume and a lack of suitable technology.
“Crypto accountants and tax professionals will spend hundreds of thousands of hours on calculating P&L manually for the 2020 tax season. This is simply not sustainable for the future of cryptocurrencies,” said Alon Muroch, CEO and Co-Founder of Blox.io. “If we can save businesses money, while saving accounting firms time and resources, it’s a win/win for the industry and the future of crypto.”
Existing cost basis tools requires laborious manual input to determine profit or loss. The new cost basis tool integrates Blox’s signature ‘automation services’ to fetch users complete historical records in real time, providing professionals with a completed overview of financial accounts.
The new tool will save businesses and investors hundreds of millions of dollars in tax liabilities, while reducing the amount of man hours required to calculate crypto P&L. Blox is backed by industry giants such as eToro, Zilliqa, 0X and Decentraland, all of which leverage the SaaS platform for its crypto accounting and tax preparation functionality, handling billions in crypto AUM.
“For manual P&L calculations, it can take a professional many hours to simply calculate 100 transactions. That makes it impossible to scale up for large institutions with thousands of transactions. With Blox, you can save on time, money and resources – and that is the bottom line,” said Keren Tow-Aizic, CFO of Blox.
About Blox
The industry-leading platform, Blox, was established in 2017 by CEO, Alon Muroch and Adam Efrima. Blox.io is headquartered in Tel Aviv, with offices in Shanghai, San Francisco, and Gibraltar. The company has thousands provides crypto tracking, management and accounting solutions for professionals businesses and enterprises. Customers of the platform include industry giants such as eToro, Zilliqa, 0X and thousands of global users. Blox’s API technology is helping to empower businesses and professionals with the best productivity tools to manage all their crypto transactions, portfolios and assets. The SaaS platform is the largest toolbox of smart and intuitive features needed for the crypto company of the future. Accurate, automated and secure – Blox is a platform you can count on. Start for free today, or visit at Blox.io.
