EY Launches Tool For Calculating Crypto Taxes, And TUSD Adds Real-Time Monitor Of Dollar Backing

The State of The Market — March 6, 2019BTC: $3,892.93 (+1.37%)ETH: $138.39 (+3.63%)XRP: $0.314496 (+0.72%)

The market continued to make small gains after yesterday’s surge, adding nearly $1.5 Billion to the total market cap in the last 24 hours. Bitcoin tried to push past $3,900 on three different instances and failed. However, there is enough volume in the market to make it happen later today. All of the top 10 cryptocurrencies are flashing green right now, and Litecoin (LTC) is up by nearly 7.5%.

In other news, according to Sui Chung, Crypto Facilities’ head of indices and pricing products, the trading volume has gone up by 500% after the acquisition by Kraken. Crypto Facilities offers five different products and the total volume reached nearly $1 Billion for the month of February. Also, the Nova Scotia Supreme Court granted QuadrigaCX a 45-day extension to continue searching for nearly $140 million in missing cryptocurrencies. Judge Michael Wood said that he would approve the stay of proceedings until the next scheduled hearing on April 18. Until this date, creditors cannot sue the exchange until the stay expires or is lifted by the Nova Scotia Supreme Court.

1) Ernst & Young (EY), one of the Big-Four consulting firms has launched a new tool for cryptocurrency traders to calculate taxes. Called EY Crypto-Asset Accounting and Tax (CAAT), it is geared towards US customers to prepare Internal Revenue Service (IRS) tax returns related to crypto assets. CAAT can pull information from most exchanges and automatically produce various reports. Both institutions and individuals can use the product. EY claims that it built the product because it saw significant growth in the number of customers who trade and hold cryptocurrencies. (Read More)

2) TrustToken, the company behind the TrueUSD (TUSD) regulated stablecoin, recently announced that its clients will be able to monitor TUSD in real-time. The new feature is the result of a partnership with accounting firm Armanino, which built a dashboard that provides a real-time, third-party managed view of all TUSD in circulation and their collateralized fiat funds. Armanino achieved this by running Ethereum nodes to monitor TUSD supply and the firm has also connected with the escrow bank accounts holding TrustToken’s U.S dollar collateral. TrustToken cofounder Rafael Cosman said the monitoring feature “sets a new standard not only for stablecoins but for all tokenized assets in the future.” The ‘dashboard’ feature is scheduled to launch in early April and TrustToken said it will be open for anyone wishing to access. TrustToken also announced that is had reduced the minimum TUSD purchase and redemption amount to $1,000. (Read More)

3) French retail giant Carrefour has revealed that it has deployed blockchain technology to track the supply chain of milk products. The company is slowly rolling out its new product, Carrefour Quality Line (CQL) micro-filtered full-fat milk. CQL guarantees that consumers can track the entire supply chain of their product. Consumers can get information such as the GPS coordinates for the farm from which the milk was acquired, the date it was acquired, and the date it was packed. This is not the first time that Carrefour is venturing into blockchain. Late last year, Carrefour launched a blockchain product to track free-range chickens in Spain. It is also a part of IBM’s blockchain food tracking network called Food Trust. (Read More)

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