VANCOUVER, March 5, 2018 /CNW/ - HashChain Technology Inc.
("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF),
who acquired the assets of NODE40, LLC on January 30, 2018, today announced their
blockchain accounting software, NODE40 Balance, is expanding
its services to meet the needs of global cryptocurrency investors
as many countries tighten their tax laws around cryptocurrency
transactions. NODE40 Balance is available to cryptocurrency
users around the globe.
Node40 Balance is a Software-as-a-Service (SAAS) that
helps cryptocurrency users to meet tax requirements in their
respective countries by analyzing the blockchain to retroactively
report capital gains and losses for Bitcoin, Bitcoin Cash,
Ethereum, Litecoin and DASH. A user uploads their transactions on
the Coinbase exchange, a wallet or a cryptocurrency blockchain, and
Balance calculates exact values of each transaction, tracks
the cost basis and days carried. Once the gains and losses have
been located, Balance automatically inputs the information
on a worksheet that can be shared with a CPA to file taxes in a
traditional manner.
"Globally, cryptocurrency users are beginning to feel pressure
to report their taxes, but many of them have not been keeping up
with past gains and losses and are uncertain of how to
appropriately file them," says Patrick Gray, CEO of HashChain.
"NODE40 Balance is one of the only solutions that simply and
accurately delves into a cryptocurrency user's transaction history
and pulls that information."
On February 23, 2018, Coinbase,
the largest global cryptocurrency exchange platform in the world
with over 13 million users and funding from the New York Stock
Exchange, Bank of Tokyo,
Draper-Fisher-Jurvetson, Institutional Venture Partners and
Andreesen Horowitz (Source: CoinDesk and Coinbase), formally
notified their customers they were required to report 14,000
individual's user data to the Internal Revenue Service (IRS) for
tax-related purposes. A California federal court ordered Coinbase to
turn over identifying records for all users who bought, sold, sent,
or received more than $20,000 through
their accounts in a single year between 2013 and 2015 (Source:
Fortune). The United States is
only one of many countries imposing stricter guidelines around
taxing cryptocurrency.
The steps to use the software are as follows:
- Cryptocurrency users select the ledger type they wish to
create, including an exchange, wallet, or specific cryptocurrency
blockchain.
- Upload their exchanges to the software and authorize read
access to their transaction history.
- Balance provides both a high level and detailed summary
of the transaction history, including date, time, transaction type,
short-term or long-term gains, and the price differential between
the transaction.
- After the user identifies transactions that might be exempt,
like inbound ones, Balance transfers this information into a
worksheet that closely resembles a traditional tax form.
"The growth of the cryptocurrency market has fundamentally
changed the way we will forever think of money and has also
disrupted the current regulatory environment in which we operate,"
says Perry Woodin, Chief Strategy
Officer of HashChain Technology and co-founder of NODE40. "In the
absence of precise regulations, it's important for cryptocurrency
users to be as clear and accurate as possible about filing gains
and losses during this transition. NODE40 Balance is a
solution that will continuously mature and update its reporting as
each country employs new rules and regulation around
cryptocurrency."
For more information, or to create an account on Node40
Balance, visit: https://www.node40.com/balance
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded
(TSXV:KASH: OTCQB: HSSHF) Canadian cryptocurrency mining company to
file a final prospectus supporting highly scalable and flexible
mining operations across all major cryptocurrencies. HashChain taps
low-cost North American power, cool climate and high-speed
Internet: the trifecta most critical to mining success, to create a
competitive position for maximizing the number of mining 'wins.'
HashChain currently operates 100 DASH mining Rigs, have received
770 Bitcoin Rigs, and has purchased an additional 3,000 Rigs. Once
all Rigs are operational HashChain will be consuming approximately
5.8 megawatts of power. HashChain also acquired a DASH
Masternode for approximately USD $280,000 which requires a collateral investment
of 1,000 DASH coins. Diversifying their business strategy
beyond crypto mining, the company recently acquired NODE40, a
blockchain technology company that developed
NODE40 Balance, a new SaaS product making
cryptocurrency tax reporting simpler and more accurate. The
solution allows cryptocurrency users and traders to accurately
report their capital gains and losses. NODE40 is also one of the
leading masternode server-hosting providers for the DASH network
and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain
Technology Inc. based out of Albany, New
York, with offices in Vancouver,
British Columbia and Geneva,
Switzerland.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: Certain
disclosure in this release, including statements regarding the
performance of the Company's current and ordered Rigs, and
expectations regarding future operations may constitute
forward-looking statements. In making the forward-looking
statements in this release, the Company has applied certain factors
and assumptions that are based on the Company's current beliefs as
well as assumptions made by and information currently available to
the Company, the 3,000 Rigs will be successfully delivered, and the
3,000 Rigs will perform as expected by management. Although the
Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect, and the forward-looking statements in this release are
subject to numerous risks, uncertainties and other factors that may
cause future results to differ materially from those expressed or
implied in such forward-looking statements. Such risk factors may
include, among others, the risk that the 3,000 Rigs will not be
successfully delivered to the Company when expected by management
or at all, and the risk that the Company's current and ordered Rigs
will not perform as expected by management. Readers are
cautioned not to place undue reliance on forward-looking
statements. The Company does not intend, and expressly disclaims
any intention or obligation to, update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE HashChain Technology Inc.