HashChain Technology
Enhances Cryptocurrency Tax Software
with Support for the Gemini Exchange and
for Cross-wallet
Transactions
VANCOUVER, BC -- March
13, 2018 --
InvestorsHub NewsWire -- HashChain Technology Inc. (TSXV: KASH; OTCQB: HSSHF) ("HashChain" or
the "Company") today announced that its Balance
cryptocurrency
accounting software, adds
support for Gemini,
a New
York State licensed
and
regulated digital
asset exchange, and provides
additional support
for
transactions
that
span multiple wallets of
digital
currency holders. With these enhancements, HashChain continues to
advance the software.
Balance is a Software-as-a-Service
(SaaS) offering that allows cryptocurrency users
to
meet tax
requirements in their respective countries by analyzing the
blockchain to report capital gains and losses for Bitcoin, Bitcoin
Cash, Ethereum, Litecoin and DASH. For tracking activity
from
exchanges, users can directly integrate
their Coinbase accounts with
Balance and can now
upload their
transactions from Gemini. Balance
also
supports blockchain transactions
created with software wallets where it
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.
Whilst there is
no formal agreement between HashChain and Gemini, the Balance addition
means Gemini account holders can
easily
import their own
transaction history onto a compatible piece of software.
Gemini Exchange
Gemini
is a licensed digital asset exchange that allows customers to buy,
sell, and trade both Bitcoin and Ether digital currencies. As a New
York trust company, Gemini is regulated by the New York State
Department of Financial Services (NYSDFS) and subject to the capital
reserve requirements, cybersecurity requirements, and banking
compliance standards set forth by the NYSDFS and the New York
Banking Law. With
this new
support,
users will now be able to easily download raw transaction data from
their Gemini account as a spreadsheet and upload the file directly
into HashChain's Balance software.
Balance will
identify which currencies the user traded and generate
comprehensive ledgers for each including gains and losses. The
integration is
designed to support any digital currency Gemini might add in the
future.
Support for Cross-wallet Transactions
Balance is
also adding support for cross-wallet transactions, offering
customers who use third-party tools to generate raw blockchain
transactions that span one or more wallets a simple solution to
track their trade history for accurate tax reporting. Most
hardware wallets
allow owners to maintain multiple cryptocurrency accounts, and
while many holders choose to keep accounts isolated, others treat
several accounts as a single collection of digital
currency. Balance can
retroactively track the transactions that drew inputs from multiple
accounts, which have been incredibly challenging for
software and
for digital currency holders until
now.
"As
digital currency continues to push its way into mainstream
financial sectors and individual adoption continues to explode, we
expect to see more coin holders using third party software to
manage their digital investments," said Patrick Gray, CEO of
HashChain. "Consequently, we expect complex trades will become
commonplace and we
are dedicated
to ensuring that our cryptocurrency tax software meets customer
needs now and in the future."
On
March 5th,
2018, HashChain announced that Balance expanded
services globally to meet the needs of cryptocurrency investors, as
many countries tighten their tax laws around cryptocurrency
transactions. On February 7, 2018, Balance
activated
support of the Coinbase
exchange.
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.' HashChain currently operates 100 Dash
mining Rigs, 770 Bitcoin Rigs, and has purchased an additional
3,000 Rigs. Once all Rigs are operational HashChain will be
consuming approximately 5.8 megawatts of power. HashChain also
acquired a Dash Masternode for approximately USD $280,000 which
requires a collateral investment of 1,000 Dash coins. Diversifying
its business strategy beyond crypto mining, the Company recently
acquired assets of NODE40, a blockchain technology company that
developed NODE40 Balance,
a new SaaS product making cryptocurrency 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 and is seeking additional alternate
coin masternode
hosting.
HashChain
Mining is a wholly owned subsidiary of HashChain Technology Inc.
based out of Albany, New York, with offices in Vancouver, British
Columbia.
On Behalf of
the Board,
Patrick
Gray
CEO &
Director
For Further
information please contact:
HashChain
Technology Inc.
Larry
Heinzlmeir
Vice President,
Marketing & Communications
Larry@HashChain.ca
604-537-8676
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Cautionary
Note Regarding Forward Looking Statements: Certain disclosure in
this release, including statements regarding the performance of the
Company's operating and purchased Rigs, and expectations regarding
future operations may constitute forward-looking statements. In
making the forward-looking statements in this release,
the Company has applied certain factors and assumptions that are
based on the Company's current beliefs as well as assumptions made
by and information currently available to the Company, including
that the 3,000 Rigs will be successfully delivered, the 3,000 Rigs
will perform as expected by management. Although the Company
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. Such risk factors may include,
among others, the risk that the 3,000 Rigs will not be successfully
delivered to the Company when expected by management or at all, the
risk that the Company's current and ordered Rigs will not perform
as expected by management. Readers are cautioned not to
place undue reliance on forward-looking statements. The Company
does not intend, and expressly disclaims any intention or
obligation to,
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by law.
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