TaxBit Accounting Suite Announces End-to-End Kraken Integration
Kraken is the third-largest cryptocurrency exchange where businesses can buy or sell cryptocurrencies using various fiat currencies, including U.S. dollars, Canadian dollars, and the Japanese yen.
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Is Your Business Using Kraken?
Businesses using Kraken for web3 use cases can now fully integrate accounts and transactions within the TaxBit Accounting Suite. This new integration helps corporate tax and accounting teams aggregate data from their Kraken account, automatically categorize it, and sync those transactions to the general ledger via API.
Let the TaxBit Accounting Suite automate your crypto accounting calculations and save your team time and money while remaining GAAP and IFRS compliant. Contact us today to get started!
Why Kraken?
Kraken is the latest of many end-to-end integrations within the TaxBit Accounting Suite that bridges the gap between blockchain activity and your legacy ERP. Kraken was established in 2011 and provides the easy movement of money to and from the linked bank accounts of the participant and the movement of cryptocurrencies to and from the participant's digital wallets from Kraken-linked trading accounts.
As of January 15, 2023, Kraken is the third-largest cryptocurrency exchange, with daily trading volume of $333 million, according to exchange aggregator CoinMarketCap. Kraken allows trades in over 200 cryptocurrencies and over 600 cryptocurrency pairs.
Connecting to your business’s Kraken account within the TaxBit Accounting Suite takes less than one minute. Simply log in to TaxBit Accounting Suite, click “Add Source” on the “Sources” tab, and import your data with your API keys.
TaxBit will automatically aggregate your transaction data and prepare it for reconciliation, syncing it to your general ledger and reporting.
The TaxBit Accounting Suite
If your business is using Kraken, but does not yet have a crypto accounting solution, contact us to learn more about the TaxBit Accounting Suite.
At TaxBit, we are building pioneering solutions for digital asset accounting. Our technology is trusted by some of the world’s largest regulatory agencies, accounting firms, and crypto enterprises and enables the following:
Support for GAAP-compliant journal entry and asset tracking
Audit support that is built with auditors in mind
Granular transaction and accounting detail transparency
Scalability to handle tens of millions of transactions
A controlled environment to support robust control frameworks such as ISO 27001 or SOC 1 & 2 audits
Industry thought leaders with technical accounting expertise; former FASB and Big Four employees working with national offices as your partners
