Crypto Payments Firm Flexa Teams With BearTax To Simplify Crypto Taxation Reporting For Customers

News | February 28, 2020 By:

Crypto payments firm Flexa is working with cryptocurrency tax software provider BearTax and utilizing their smart-matching algorithm for their customers to automatically have their gains and losses determined this tax season.

Flexa is a new payments network, built using cryptocurrencies, that brings buyers and sellers closer together in order to cut processing cost, eliminate fraud, and preserve your privacy. Flexa’s network has reportedly enabled thousands of consumers to spend their US dollars on the blockchain without the price volatility associated with traditional cryptocurrencies, across an array of large US consumer retailers.

Launched in 2018, BearTax is a cryptocurrency tax software for individuals and accountants to calculate gains and file taxes on capital gains. It is integrated with 60 major exchanges, including Binance, Bittrex, Coinbase, Coinbase Pro, Gemini, KuCoin, Binance US, and support professionals help users integrate trades from almost every exchange in the world.

BearTax’s smart-matching algorithm will enable Flexa customers to simply upload the CSV report of their cryptocurrency transaction history, regardless of the amount or purpose of each transaction, and the BearTax platform will be able to detect such events and calculate capital gains or losses appropriately. BearTax also connects with other exchanges and wallets, which means the transfers executed between wallets/exchanges and Flexa enabled apps can be tracked and collated to present the complete cost basis of the assets spent.

“By using the latest AI and machine learning technologies, we’ve been teaching our smart matching algorithm to correctly identify which events are taxable, thereby reducing the time it takes for cryptocurrency users to complete their taxes and also reduce possible liabilities caused by human error,” said Vamshi Vangapally, founder of BearTax. “We’re delighted to be bringing our sophisticated and automatic software to Flexa’s customers this tax season.”