Bitcoin Tax Reporting Software Developer Node40 Acquired for $8m
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Past the IRS
The buyers of Node40 expect a greater number of countries will join those that have already levied a higher degree of regulation like Australia, Israel, South Africa and others. The answer, they said, is strategically positioned to operate directly with taxation authorities globally to adapt to their specific requirements.
A publicly traded Canadian crypto miner has only created a $8 million bet that all bitcoin users across the globe will gradually be forced to report their transactions to the taxman, and they will help tackling this oftentimes intricate procedure.
“Cryptocurrency mining remains a significant focal point for Hashchain, as we continue to acquire more Rigs and create revenue on a large scale. The acquisition of the Node40 Business is a significant next step of developing a global blockchain technology company,” explained Patrick Gray, CEO and Founder of Hashchain. “Cryptocurrency accounting and reporting for taxation purposes is a significant concern from the industry right now. The current Coinbase subpoena from the IRS highlights the significant need for the applications developed by Node40.”
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This acquisition marks Hashchain’s first movement to diversify its cryptocurrency business beyond only mining and will give it control over Node40’s team of experienced applications engineers.
A cryptocurrency reporting program that integrates directly using a couple bitcoin exchanges is not developed by node40. It thus can help American bitcoin consumers, traders and miners disclose their transactions to the IRS for tax liability purposes. As we mentioned at the time, prior to the launch of the “IRS-friendly” crypto program, there have been very few options for US bitcoiners to easily submit their taxes.
“The acquisition of Node40 from Hashchain means we can quickly increase our Blockchain support offerings,” explained Perry Woodin. “We are going to have the ability to hasten the integration of additional incentivized Blockchain applications in our hosting support. We hope to expand the Node40 Balance accounting agency to support additional transparent blockchains and incorporate with a lot more trades.”
Node40 also supplies masternode hosting solutions for the dash cryptocurrency. As part of the acquisition of the Node40 company, Node40 will pay to Hashchain certain masternode rewards earned over the 26 weeks following the final.
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