Tags: Blockchain, Technology
Vancouver, BC / TheNewswire / May 17, 2018 – HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced that their blockchain accounting software solution, Balance, now supports the GDAX Exchange. GDAX is a Coinbase-owned U.S. regulated digital currency trading platform backed by the New York Stock Exchange, Andreessen Horowitz, Union Square Ventures and others. The platform caters to veteran and professional cryptocurrency holders, offering additional functionality to their more user-friendly Coinbase exchange to trade Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH). This is the latest and fourth digital asset exchange integrated with Balance including Coinbase, Gemini and Bittrex.
Balance is a Software-as-a-Service (SaaS) offering that allows cryptocurrency users to generate a fiat denomination ledger by analyzing the blockchain to report capital gains and losses. Users can directly upload their wallets or exchange accounts to Balance which calculates exact values of each transaction and tracks the cost basis and days carried. Once the gains and losses are calculated, the software automatically details the information on a worksheet that can be shared with a CPA to file with other tax items. Balance has a total of 1,091 users as of April 2018, reporting a 52%* increase since the acquisition of NODE40, LLC on January 30, 2018.
"Cryptocurrency accounting and tax reporting are under significant scrutiny by regulators and HashChain is on the forefront of ensuring more functionality, features and exchange support for Balance to deliver the best experience for our users and help them stay on top of developments as the industry continues to mature," says Patrick Gray, CEO of HashChain. "In just a few months, we’ve added 4 of the most highly trusted and widely-used exchanges to advance our goal of providing simple and accurate cryptocurrency accounting to all users."
In addition to the GDAX integration, HashChain now offers support for LIFO (last in, first out) to select transaction cost basis for exchanges ledgers. To-date, only FIFO (first in, first out) was available. The ability to select between the two methods of calculating gains and losses gives users even more control over the accounting mechanism that meets their personal financial goals. FIFO will continue to be the default selection for all ledgers, with LIFO as a manually selected option.
For a limited time, the Balance solution will be available for free during beta stage. To create an account, visit: https://www.node40.com/balance/.
*The percentage of user growth was determined based on total users of the platform from January 2018 (720) through April 2018 (1,091). The software in its beta form has been available to users free of charge.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining ‘wins.’ Diversifying its business strategy beyond crypto mining, the Company acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency accounting and tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network.
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HashChain Technology Inc.
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