We are delighted to be ABRA's preferred crypto tax partner and to have the opportunity to service their 1M+ customers not only for their 1099-MISC needs, but also for their complete crypto tax and accounting requirements.
SEATTLE (PRWEB) January 26, 2021
ZenLedger, a cryptocurrency tax software and blockchain analytics startup, announced a strategic partnership with Abra, a leading financial services and technology company, that operates an all-in-one, custodial cryptocurrency wallet and exchange.
With the addition of the virtual currency question to the top of Form 1040 for 2020 filings, cryptocurrency users will likely need the assistance of crypto tax software to report their taxes properly. The latest IRS guidance states that if crypto users received, sold, mined, or traded cryptocurrency in 2020, they are required to report the gains and losses of their transactions on tax returns.
This new partnership allows Abra customers to easily access crypto tax assistance through the ZenLedger platform so they can view their crypto trading history, understand their tax liabilities, and generate tax forms using their preferred accounting method. Both companies can provide even better service to their clients and help them stay compliant with this integration, which will help when tax season officially kicks off on February 12th.
“ZenLedger will help our customers manage their crypto taxes easily, addressing a key pain point for Abra customers today. We are excited to announce this partnership with the ZenLedger team,” says Ivan Galli, VP of Operations at Abra.
“We are delighted to be Abra's preferred crypto tax partner and to have the opportunity to service their 1M+ customers not only for their 1099-MISC needs, but also for their complete crypto tax and accounting requirements," says Dan Hannum, COO at ZenLedger.
ZenLedger, a Seattle based Fintech startup with 15 team members, has grown revenue and customers by over 500% year over year. The cryptocurrency tax startup has helped thousands of investors and tax professionals with tax filings and financial analysis, saving them many labor hours and thousands of dollars. ZenLedger software aggregates user transaction information across multiple exchanges, wallets, and tokens in one simple dashboard, making it easy to calculate tax liability.
With over a million customers, Abra offers a simple app that allows investors to buy, sell, hold, and trade 100+ cryptocurrencies as well as earn interest on several of the most popular cryptocurrencies and US dollar stablecoins. Abra can fund your wallet, build a portfolio, trade, and earn interest all in one place.
Founded in 2018, and built by industry veterans in technology, finance, and accounting, ZenLedger quickly imports clients’ cryptocurrency trading history, calculates gains and losses, and generates tax forms. ZenLedger helps cryptocurrency investors stay IRS compliant with integration support for over 400+ exchanges, 40+ blockchains, and 20+ DeFi protocols. Calculating cryptocurrency taxes is difficult, and ZenLedger makes it stress-free by offering automatic tools to reduce the manual work of crypto tax preparation. For more information, visit https://zenledger.io/.
Abra is creating a simple and honest mobile-first crypto bank to enable millions of consumers to manage and grow their crypto assets easily. The Abra service empowers customers in more than 150 countries to earn interest* on crypto assets and US dollar stablecoins alongside the ability to buy, sell, hold, send, and trade cryptocurrencies anywhere, anytime.
Abra’s global mission is to democratize access to financial services. Founded in 2014 and headquartered in San Francisco, Abra is available in over 155 countries. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, Carthona Capital, RRE Ventures, DCG Group, and many others. For more information, visit https://www.abra.com/.
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