Fireblocks Partners With TRES to Generate Audit-Ready Tax Reports

2024-06-20 06:00:14

Tanzeel Akhtar

Last updated:

June 20, 2024 10:00 EDT | 1 min read

Fireblocks said it has partnered with onchain financial data platform TRES to give clients data sources to compile audit tax-ready reports.

Fireblocks’customer base of institutions and companies will be able to use TRES to consolidate digital assets and financial activity across wallets and exchanges including non-fungible tokens (NFTs).

The TRES report can be streamlined by clients to accounting software such as QuickBooks, Xero, NetSuite, and more, said the firms.

“This integration with TRES will allow us to deliver the most comprehensive solution for every digital asset business – from launching an NFT collection to generating real-time reports that are standardized, easy to understand and plug directly into existing accounting s,” said Adam Levine, Senior Vice President of Corporate Development and Partnerships at Fireblocks.

Income Taxes

Most countries tax digital currencies the same way as stocks and other assets.

Any crypto-related income is also taxed. The rules are even more stringent than capital gains. After all, crypto income is classed as a realizable tax event as soon as it is received. So what is crypto income, and what investments does it cover? Put simply, any passive income that is generated by holding a cryptocurrency, such as staking, yield farming, or savings accounts.

Recently Fireblocks launched its dApp Protection and Transaction Simulation products, which will help protect institutions from run-ins with decentralized finance (DeFi) scammers.

Fireblocks’ DeFi Protection Tools

Both products have undergone beta testing with Galaxy and FlowDesk since December of last year. They are now available to safety check decentralized applications (dApps) across over 40 blockchains using Fireblocks’ APIs, including WalletConnect and MetaMask Institutional.

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