Ledger, a major cryptocurrency hardware wallet supplier, has partnered with Zenledger to add new crypto tax-related solution which will help crypto investors keep track of their taxes.
Ledger confirmed to on Thursday that it has teamed with cryptocurrency tax software ZenLedger to integrate its crypto tax reporting solution into Ledger’s interface application, Ledger Live.
The new tax feature may be discovered in the discover part of Ledger Live’s catalog and is now available. Users can automatically aggregate the history of all transactions conducted via Ledger Live and track losses and revenues with the software tool.
ZenLedger is the first tax software integration with Ledger Live, according to Jean-François Rochet, Ledger’s vice president of international development.
“Multiple services are available through partners in Ledger Live to buy, sell, swap and stake your crypto, but this is the first time a tax-related service is integrated.”
Users who choose to self-custody cryptocurrencies like Bitcoin (BTC) would have to manually compute their losses and revenues without tax reporting software tools like ZenLedger, according to Rochet.
The integration has a major emphasis on the US tax code, with a special focus on U.S. consumers’ unusually complex tax reporting obligations. Customers outside of the United States will still be able to use the software application, according to Rochet.
“Over 3.5 million people use Ledger hardware wallets worldwide, and approximately 20% of digital assets are held in Ledger devices,” he said.
Rochet noted that Ledger Live has already integrated various regulated financial services platforms, including MoonPay and Wyre, to support Know Your Customer and Anti-Money Laundering protocols.
“We’ve also been able to develop a superior fiat to self-custody crypto on-ramp thanks to our collaborations with MoonPay and Wyre,” he added.
ZenLedger, which was founded in 2018, provides noncustodial crypto tax software that aggregates customer transactions and calculates tax liability using public addresses. ZenLedger’s contract with the Internal Revenue Service’s civil and criminal investigation units was renewed last month.
The new integration comes only days before the April 18th tax deadline in the United States, when residents must file their taxes.
The crypto community has been working hard to make it easier for US crypto investors to file their taxes. Engiven, an enterprise crypto contribution platform, unveiled an IRS tax form and appraisal service last month to help bitcoin donors and NGOs with tax reporting.
