VANCOUVER, March 5, 2018 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF), who acquired the assets of NODE40, LLC on January 30, 2018, today announced their blockchain accounting software, NODE40 Balance, is expanding its services to meet the needs of global cryptocurrency investors as many countries tighten their tax laws around cryptocurrency transactions. NODE40 Balance is available to cryptocurrency users around the globe.
Node40 Balance is a Software-as-a-Service (SAAS) that helps cryptocurrency users to meet tax requirements in their respective countries by analyzing the blockchain to retroactively report capital gains and losses for Bitcoin, Bitcoin Cash, Ethereum, Litecoin and DASH. A user uploads their transactions on the Coinbase exchange, a wallet or a cryptocurrency blockchain, and Balance calculates exact values of each transaction, tracks the cost basis and days carried. Once the gains and losses have been located, Balance automatically inputs the information on a worksheet that can be shared with a CPA to file taxes in a traditional manner.
"Globally, cryptocurrency users are beginning to feel pressure to report their taxes, but many of them have not been keeping up with past gains and losses and are uncertain of how to appropriately file them," says Patrick Gray, CEO of HashChain. "NODE40 Balance is one of the only solutions that simply and accurately delves into a cryptocurrency user's transaction history and pulls that information."
On February 23, 2018, Coinbase, the largest global cryptocurrency exchange platform in the world with over 13 million users and funding from the New York Stock Exchange, Bank of Tokyo, Draper-Fisher-Jurvetson, Institutional Venture Partners and Andreesen Horowitz (Source: CoinDesk and Coinbase), formally notified their customers they were required to report 14,000 individual's user data to the Internal Revenue Service (IRS) for tax-related purposes. A California federal court ordered Coinbase to turn over identifying records for all users who bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015 (Source: Fortune). The United States is only one of many countries imposing stricter guidelines around taxing cryptocurrency.
The steps to use the software are as follows:
Cryptocurrency users select the ledger type they wish to create, including an exchange, wallet, or specific cryptocurrency blockchain.
Upload their exchanges to the software and authorize read access to their transaction history.
Balance provides both a high level and detailed summary of the transaction history, including date, time, transaction type, short-term or long-term gains, and the price differential between the transaction.
After the user identifies transactions that might be exempt, like inbound ones, Balance transfers this information into a worksheet that closely resembles a traditional tax form.
"The growth of the cryptocurrency market has fundamentally changed the way we will forever think of money and has also disrupted the current regulatory environment in which we operate," says Perry Woodin, Chief Strategy Officer of HashChain Technology and co-founder of NODE40. "In the absence of precise regulations, it's important for cryptocurrency users to be as clear and accurate as possible about filing gains and losses during this transition. NODE40 Balance is a solution that will continuously mature and update its reporting as each country employs new rules and regulation around cryptocurrency."
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, have received 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 their business strategy beyond crypto mining, the company recently acquired 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 and Geneva, Switzerland.
On Behalf of the Board, Patrick Gray CEO & Director
For Further information please contact: HashChain Technology Inc. Larry Heinzlmeir Vice President, Marketing & Communications [email protected] 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 current and ordered 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, the 3,000 Rigs will be successfully delivered, and 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, and 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.