Discover how NYDIG and TaxBit join forces to solve crypto tax and accounting challenges, laying the foundation for broader digital asset adoption
Taxing troubles: Overcoming manual processes and complex cryptocurrency reporting obstacles
PROBLEM
Before partnering with TaxBit, NYDIG had attempted a series of arduous and manual solutions in-house and faced the following challenges:
- Tedious, complicated accounting process for their core business
- Inadequate, periodic tax reporting for their clients
- A lack of a reporting system to manage GAAP- compliant gains and losses
- Uncertainties regarding the complex tax landscape in the cryptocurrency industry
“TaxBit arrived with a very clear conceptual model around how data should be captured, normalized, and used to deliver our required Tax and Accounting compliance capabilities. This strong perspective was unique amongst others we considered and a powerful accelerant for our product roadmap.”
John Dalby
CFO of NYDIG
SOLUTION
TaxBit delivers end-to-end crypto tax and accounting compliance for NYDIG
TaxBit helped NYDIG deploy key enhancements that reduced operational costs and increased customer delight in their Platform Solutions Group. This API-focused offering enables clients to build rails for Bitcoin transactions, storage, loyalty programs, and more. By integrating TaxBit’s near real-time transaction API and embracing a SaaS solution for Tax Compliance with the TaxBit Dashboard, NYDIG and their clients now have a single source of truth with permission-based access to view, update, and manage user and transactional data.
RESULTS
Combining tax and accounting for a future-proof and complete compliance solution
In an era where tax and accounting standards are swiftly evolving, TaxBit’s end-to-end solutions enable enterprises like NYDIG to achieve complete compliance—today and into the future.
