Multinational media conglomerate, Thomson Reuters announced a partnership with Verady, a firm that specializes in the accounting and reporting of cryptocurrencies and blockchain assets on bringing a new cryptocurrency tax tool to market.
On De. 12 the firm announced that the partnership, the tax tool will serve as a single point of data entry and review for virtual currency transactions including:
Exchanges
Forks
Purchases and payment for services rendered.
Kell Canty, CEO of Verady:
“Once Ledgible users have integrated their wallet and exchange activity, they’ll be able to notify their accounting professionals that the data is ready to go. Tax preparers can then bring that data into the GoSystem Tax product, placing it in the virtual currency organizer.”
Verady is proud to be collaborating with Thomson Reuters to bring industry leading Cryptocurrency Tax support to the profession!#tax #accounting #cryptocurrency #Blockchain @veradyinfo @TRTaxAcctFirms https://t.co/uAP5luoJVj — Kell Canty (@KellCanty) December 20, 2019
Canty says that Thomson Reuters plans to premier the Virtual Currency Organizer sometime this year.
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Ensuring Reliable Cryptocurrency Data
The crypto tax tool will serve as Thomson Reuters latest crypto-focused product. Canty said that the partnership between the two companies is to ensure that reliable data is acquired:
“Thomson Reuters formed this partnership with us partly due to our impressive background in the field of tracking, reporting, and accounting of cryptocurrency and blockchain assets. This is a huge endorsement for what we are doing to provide integrated reporting of cryptocurrency data across different data sources.”
Canty adds that Verady has been helping financial institutions and organizations account for blockchain assets since 2014. He mentions that the company assisted with the first audit of Bitpay in 2014.
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Canty noted that Verady will look into other system integrations moving forward.
“We are currently focused on making the collaboration with Thomson Reuters the best in the industry. As other opportunities come about, we will evaluate them on a case-by-case basis.”
Canty mentions that one of Verady’s investors, Shanghai-based Fenbushi Capital, has expressed interest in applying Ledgible’s capabilities to the Asian Market.
Canty adds:
“We think there are lots of opportunities across the entire industry and globally for the functionality that Verady offers for cryptocurrency taxpayers”
Source: Cointelegraph | Thomson Reuters