Fireblocks, the enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets, announced today an integration with Taxbit to provide its institutional customers in the United States with streamlined access to industry-leading tax and accounting software.
Now, Fireblocks customers can integrate Taxbit’s end-to-end suite of tax services directly into their digital asset workflow and gain real-time access to their tax position throughout the year, access tax forms at a click of a button and optimize trades to reduce tax liability.
“TaxBit gives us a secure and powerful platform to provide complex tax and accounting solutions for our customers,” said Michael Shaulov, CEO of Fireblocks. “With the TaxBit integration, we can help reduce the cumbersome process that will be faced by hundreds of institutions in the United States in the coming months.”
The need for reliable and scalable solutions that enhance security, reporting, and regulatory compliance has grown in demand as a record number of institutional investors pile into digital assets. According to data from Pitchbook, this year saw $17 billion worth of institutional capital flooding into the space, spanning family offices and hedge funds to traditional money managers.
“Fireblocks provides best in class digital asset infrastructure and security for institutions. With this integration, Fireblocks will be able to offer an industry-first tax and accounting solution for institutions that don’t exist anywhere else on the market,” said Austin Woodward, CEO TaxBit.
The integration will enable TaxBit to work out-of-the-box for any Fireblocks customer so that they can meet upcoming regulatory requirements for tax compliance and information reporting, including 1099 filing.About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through patent-pending SGX & MPC technology. They have secured the transfer of over $4 trillion in digital assets and have a unique insurance policy that covers assets in storage & in transit. For more information, please visit www.fireblocks.com.