Crypto tax provider, Verady, has announced a partnership with Algorand (ALGO) to offer integrated accounting to ALGO holders.
Verady also revealed that its technology is being used by Algorand and Blockchain.com for their internal accounting and auditing.
Verady integrates ALGO into tax platform
Speaking to Cointelegraph, Verady’s co-founder and chief executive, Kell Canty, stated that the new partnerships are the product of several months of discussions between the firms.
The agreement with Algorand has seen Verady integrate ALGO into its software. Canty stated that “ALGO Holders will be able to associate multiple wallets with their Ledgible account in an easy to use and intuitive way.”
“We’re excited to partner with Verady to not only account for our own assets, but to provide Ledgible Accounting to our partners who are helping to develop and grow the Algorand blockchain,” stated Algorand COO Sean Ford.
A spokesperson for Blockchain.com stated: “As one of the oldest crypto companies and one of the largest crypto exchanges — with more than 48 million wallets in 140 countries with over 100 million transactions to date — our accounting needs are immense.”
Intuitive tax solutions needed to drive adoption
Canty asserted that Ledgible offers notable benefits to crypto investors, including “integrations and partnerships with existing general ledger software such as Xero, Intuit Quickbooks, and NetSuite,” and “multi-account capabilities and user permissioning” capabilities.
Canty emphasized that robust tax and accounting solutions are needed in order for crypto assets to attract widespread adoption, stating:
“Verady is determined to help move the cryptocurrency industry forward with advanced, secure, and intuitive reporting tools. In a rapidly changing economic landscape, we’re glad to work alongside leaders in the industry to make crypto more accessible.”