Voyager Digital Canada (VYGR.C) partnered earlier this month with regulatory cost basis processing solution provider, Silver Cost Basis, to deliver year-end cryptocurrency gain/loss statements for its customers.
Admittedly, for awhile there, figuring how to do your taxes as a cryptocurrency holder came as a bit of a head scratcher. There were a lot of questions involved: are they considered assets or securities? What’s the minimum amount required for disclosure? How are they taxed – as business or income? Most of these answers are available via a quick internet search. But there’s still the problem of how much profit or loss you’ve taken in the year, which can involve some curious time wasted with your calculator, depending on how much crypto you’ve got invested. Voyager Digital’s got you covered by offering traders gain/loss information for use in preparing accurate tax returns.
Here’s what Investopedia has to say about cost basis:
“Cost basis is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends, and return of capital distributions. This value is used to determine the capital gain, which is equal to the difference between the asset’s cost basis and the current market value.”
Good to know.
Voyager Digital is a broker that provides retail and institutional investors with a solution to trade their crypto assets. It was the product of a team of Wall Street and Silicon Valley entrepreneurs offering a more transparent and cost-efficient alternative to trading crypto. Silver Cost Basis applies regulatory treatment for activity involving cryptocurrency under established rules and guidance.
“Silver’s cryptocurrency cost basis processing solution further extends our user experience by providing real-time gain/loss analysis and fully compliant investor tax information that otherwise, may or may not have been realized. Our integration with Silver helps Voyager to continue to deliver on our goal to offer a fully transparent crypto trading platform that puts the customer first,” said Steve Ehrlich, CEO and co-founder of Voyager Digital.
In addition to their deal with Silver Cost Basis, Voyager’s been on the move lately, acquiring Circle Invest and getting into the retail digital asset business through Circle’s subsidiary Circle Internet Financial. The transition brought home more than 40,000 retail accounts to Voyager’s customer base, making it one of the largest digital-asset agency brokers in the U.S. By February 29, 2020, they were servicing over 200,000 global users across its platforms.
Voyager at a glance:
- Third quarter revenue grew over 220% sequentially to $282,078 compared to $88,146 for the quarter ended December 31, 2019
- Servicing over 215,000 global users across Voyager platforms as of March 31, 2020
- Total brokerage accounts increased 333% sequentially to 78,000 at March 31, 2020, compared to 18,000 as of December 31, 2019
- Grew number of customer funded accounts by 100% during the quarter Increased number of Know Your Customer (“KYC”) compliant accounts by 109% for the three months ended March 31, 2020
- Quarterly deposits increased to $7.5 million as of March 31, 2020, compared to $3.7 million as of December 31, 2019
- Increased principal value traded to $17.2 million as of March 31, 2020, compared to $2.4 million as of December 31, 2019
- Grew customer assets by 240% for the three months ended March 31, 2020
They have also added more coins, including Ripple (XRP), EOS (EOS), Stellar Lumens (XLM), OmiseGo (OMG) and ZRX (0x) to their voyager app, as well as three new stablecoins, including Tether (USDT), USD Coin (USDC) and True USD (TUSD), bringing their total offerings to 14.
Can’t beat those numbers.