Advertisement

Gemini exchange teams up with TaxBit to allow its customers to increase their tax refund

Gemini exchange teams up with TaxBit to allow its customers to increase their tax refund

Quick take

1 minute read

  • You will have more than likely heard of the Gemini crypto platform. 
  • And by the Winklevoss twins, the American based platform is getting ready to team up with the tax compliance company TaxBit. 

You will have more than likely heard of the Gemini crypto platform. And by the Winklevoss twins, the American based platform is getting ready to team up with the tax compliance company TaxBit. This move will help his customers to report their crypto taxes with the tax at centre suite a solution from the company.

One side of the Winklevoss twins, Tyler Winklevoss has said that the software from TaxBit will help reduce the “pain point“ when it comes to taxing cryptocurrency. 

Furthermore, it will also enable users to track the real-time tax impact on the crypto trade on the Gemini platform.

For those that don’t know, the tax centre suite solution from TaxBit is the first crypto-related tax tool that Gemini has ever been involved in or deployed. The announcement has further said that this tool will also allow customers to potentially increase their refunds for tax and lower their liability for it as well.

A representative from the exchange has also gone to say that the company is expecting to integrate the solution in the first half of next year or even sooner if possible. As a result of the integration, the exchange of his customers in the US will be able to download a tax report in a format that will be required by the IRS.

This all comes off the back of the twins investing in TaxBit earlier in 2020. A $5 million seed funding round was participated by the family office, Winklevoss capital.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement