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Crypto Exchange Gemini is partnering with TaxBit to facilitate the payment of crypto taxes

October 29, 2020

The American cryptocurrency exchange Gemini works with tax compliance company TaxBit to help your customers Report your cryptocurrency taxes with TaxBit’s Tax Center Suite solution.

Tyler Winklevoss, CEO of Gemini Exchange, TaxBit’s software will help reduce the “Crypto Tax Pain Point”., Allow user Track the real-time tax impact on your cryptocurrency trades with Gemini. According to the announcement, the tool will also enable customers Potentially increase your tax refund and reduce your tax liabilityProviding business alerts when tax savings are available.

TaxBit’s Tax Center Suite solution is the first crypto tax tool that Gemini implementeda Gemini spokesman told Cointelegraph. The representative said the company hopes to integrate the TaxBit solution in the first half of 2021 or earlier, as it awaits final guidance from the Internal Revenue Service on reporting cryptocurrencies.

Crypto Exchange Gemini is partnering with TaxBit to facilitate the payment of crypto taxes
Crypto Exchange Gemini is partnering with TaxBit to facilitate the payment of crypto taxes

Once the software is fully implemented in Gemini, Exchange customers in the US can download a tax report in a format required by the IRS.

The Winklevoss brothers invested in TaxBit at the beginning of this year. In January 2020 your family office will Winklevoss CapitalParticipated in a $ 5 million seed capital round for TaxBit. Gemini has also had a transfer relationship with TaxBit since the 2019 tax return period.said a spokesman for the crypto exchange.

Started in January 2019, The TaxBit platform supports more than 2,000 currenciesaccording to their website.

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, A new tool will soon be integrated that will allow users to automate their tax reports for their cryptocurrencies.