VANCOUVER, March 13, 2018 /CNW/ - HashChain Technology Inc.
(TSXV: KASH; OTCQB: HSSHF) ("HashChain" or the "Company") today
announced that its Balance cryptocurrency accounting
software, adds support for Gemini, a New York State licensed and regulated digital
asset exchange, and provides additional support for transactions
that span multiple wallets of digital currency holders. With these
enhancements, HashChain continues to advance the software.
Balance is a Software-as-a-Service (SaaS) offering that
allows cryptocurrency users to meet tax requirements in their
respective countries by analyzing the blockchain to report capital
gains and losses for Bitcoin, Bitcoin Cash, Ethereum, Litecoin and
DASH. For tracking activity from exchanges, users can directly
integrate their Coinbase accounts with Balance and can now
upload their transactions from Gemini. Balance also supports
blockchain transactions created with software wallets where it
calculates exact values of each transaction, and tracks the cost
basis and days carried. Once the gains and losses are calculated,
the software automatically details the information on a worksheet
that can be shared with a CPA to file with other tax items. Whilst
there is no formal agreement between HashChain and Gemini, the
Balance addition means Gemini account holders can easily import
their own transaction history onto a compatible piece of
software.
Gemini Exchange
Gemini is a licensed digital asset exchange that allows
customers to buy, sell, and trade both Bitcoin and Ether digital
currencies. As a New York trust
company, Gemini is regulated by the New
York State Department of Financial Services (NYSDFS) and
subject to the capital reserve requirements, cybersecurity
requirements, and banking compliance standards set forth by the
NYSDFS and the New York Banking Law. With this new support, users
will now be able to easily download raw transaction data from their
Gemini account as a spreadsheet and upload the file directly into
HashChain's Balance software. Balance will identify
which currencies the user traded and generate comprehensive ledgers
for each including gains and losses. The integration is designed to
support any digital currency Gemini might add in the future.
Support for Cross-wallet Transactions
Balance is also adding support for cross-wallet
transactions, offering customers who use third-party tools to
generate raw blockchain transactions that span one or more wallets
a simple solution to track their trade history for accurate tax
reporting. Most hardware wallets allow owners to maintain
multiple cryptocurrency accounts, and while many holders choose to
keep accounts isolated, others treat several accounts as a single
collection of digital currency. Balance can
retroactively track the transactions that drew inputs from multiple
accounts, which have been incredibly challenging for software and
for digital currency holders until now.
"As digital currency continues to push its way into mainstream
financial sectors and individual adoption continues to explode, we
expect to see more coin holders using third party software to
manage their digital investments," said Patrick Gray, CEO of
HashChain. "Consequently, we expect complex trades will become
commonplace and we are dedicated to ensuring that our
cryptocurrency tax software meets customer needs now and in the
future."
On March 5th, 2018,
HashChain announced that Balance expanded services globally
to meet the needs of cryptocurrency investors, as many countries
tighten their tax laws around cryptocurrency transactions. On
February 7, 2018, Balance
activated support of the Coinbase exchange.
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, 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 its business strategy beyond crypto mining, the
Company recently acquired assets of 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.
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 operating and purchased 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, including that the 3,000 Rigs will be successfully
delivered, 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, 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.