Accounting
Ledgible Launches Full Dogecoin Support for Tax and Accounting
Dogecoin began as a meme, but today is a very large asset with a market cap approaching $60 billion and in the top 10 cryptocurrencies. As Dogecoin continues to grow, Ledgible can manage all the transactions made using Dogecoin, or any supported action...
Oct. 05, 2021
Ledgible, a platform for tax and accounting of crypto assets, announced today native integration with Doge making it easy for those holding, selling, trading, and making purchases with Doge to generate accounting reports and plan for taxes. As one of the most popular cryptocurrencies, Doge is growing rapidly because of major investors and celebrity endorsements from Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons. Dallas Mavericks owner, Mark Cuban shared that Dogecoin is the strongest cryptocurrency as a medium of exchange.
“For those who move Doge between wallets and exchanges to trade, sell or buy, tracking and accounting for all those transactions can be overwhelming,” said Kell Canty, CEO of Verady. “Our Ledgible solution gathers all that data for Doge natively, creates monthly accounting statements, identifies taxable transactions and calculates the gain/loss.”
Dogecoin began as a meme, but today is a very large asset with a market cap approaching $60 billion and in the top 10 cryptocurrencies. As Dogecoin continues to grow, Ledgible can manage all the transactions made using Dogecoin, or any supported action of the Doge blockchain. Ledgible fully tracks on-chain Doge blockchain transactions. Dogecoin holders can store Doge in an on-chain wallet and directly import all transactions via an API connection rather than needing to be uploaded to Ledgible or entered manually.
BitPay, a leading blockchain payment provider, tracks cryptocurrency usage by coin (https://bitpay.com/stats) and found when Doge became available it jumped to almost 8% of monthly transactions.
One of the biggest challenges for cryptocurrency holders is to account, track, and manage all the crypto data across multiple wallets and exchanges as well as all transactions to calculate gains/losses and income. Holders do not receive monthly statements on-chain wallets are not designed to provide monthly accounting statements or tax reporting. The complexity of transferring crypto and complex transaction history, leads to many reporting difficulties. Ledgible supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and accounting platforms.