Crypto wallet firm Ledger integrates tax solution to simplify reporting
Major cryptocurrency hardware wallet provider Ledger is moving to help crypto investors keep track of their taxes by integrating a new crypto tax-related solution.
Ledger has partnered with cryptocurrency tax software platform ZenLedger to integrate its crypto tax reporting solution into Ledger’s interface application Ledger Live, the firm announced to Cointelegraph on Thursday.
The new tax feature is immediately available on Ledger Live, available in the discover section on the Ledger Live apps catalog. The software tool allows users to automatically aggregate the history of all transactions completed via Ledger Live and track losses and earnings.
Ledger’s VP of international development, Jean-François Rochet, told Cointelegraph that ZenLedger is the first tax software integration on Ledger Live:
Without tax reporting software tools like ZenLedger, users who chose to self-custody cryptocurrencies like Bitcoin (BTC) would have to manually calculate their losses and earnings, Rochet noted.
The integration has a strong focus on the United States’ tax standard, targeting the particularly complex tax filing duties of the U.S. customers. The software tool will still be available to Ledger Live customers outside of the United States, Rochet said.
“Over 3.5 million people use Ledger hardware wallets worldwide, approximately 20% of digital assets are stored in Ledger devices and we continue to see an increase in Ledger products used in the United States,” he stated.
Rochet pointed out that Ledger Live has already integrated several regulated financial services platforms to accommodate Know Your Customer and Anti-Money Laundering procedures, including services like MoonPay and Wyre. “Our partnerships with MoonPay and Wyre have also
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