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Fireblocks Partners With TRES to Generate Audit-Ready Tax Reports

Fireblocks has announced a partnership with TRES, a financial data platform, aimed at providing clients with robust data sources for creating audit-ready tax reports.

Through this collaboration, Fireblocks’ institutional and corporate clients gain access to TRES, facilitating the consolidation of digital assets and financial activities spanning wallets, exchanges, and even non-fungible tokens (NFTs).

According to both companies, TRES reports can seamlessly integrate with popular accounting software like QuickBooks, Xero, and NetSuite, enhancing efficiency for clients.

Adam Levine, Senior Vice President of Corporate Development and Partnerships at Fireblocks, highlighted the significance of this integration: “This partnership with TRES enables us to offer a comprehensive solution tailored to every digital asset business — from NFT collection launches to real-time, standardized reports that seamlessly integrate with existing accounting systems.”

Income Taxes

Many countries treat digital currencies similarly to stocks and other assets when it comes to taxation. Income derived from cryptocurrencies, including passive forms, is subject to taxation, often under rules more stringent than those for capital gains. Crypto income is considered taxable immediately upon receipt, as it constitutes a realized tax event.

Crypto income encompasses various forms of passive earnings generated by holding cryptocurrencies, such as staking, yield farming, and earnings from savings accounts.

In recent developments, Fireblocks introduced its dApp Protection and Transaction Simulation products. These innovations are designed to safeguard institutions from potential encounters with scammers in the decentralized finance (DeFi) space.

Fireblocks’ DeFi Protection Tools

Both products have been through beta testing with Galaxy and FlowDesk since December of the previous year. They are now accessible for conducting safety checks on decentralized applications (dApps) across more than 40 blockchains utilizing Fireblocks’ APIs, which include support for WalletConnect and MetaMask Institutional.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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