CHICAGO, Nov. 12, 2019 /PRNewswire/ -- Apex Crypto, the first-of-its-kind cryptocurrency platform that provides a seamless and effective way to introduce customers to digital currency trading through partnerships with broker-dealers and financial advisors, today announced its real-time integration with Silver Cost Basis (Silver), the industry's leading regulatory cost-basis solution for cryptocurrencies.
Through its integration with Silver, Apex Crypto facilitates compliance with IRS cryptocurrency guidance, including Notice 2014-21 and the more recent Revenue Ruling 2019-24 and updated FAQs, as well as provides real-time realized and unrealized gain/loss analysis and fully compliant investor tax information statements.
"As market demand for cryptocurrency continues to grow, the Apex Crypto platform allows broker-dealers and financial advisors the ability to provide their clients with direct access to this important asset class," said Edward Haravon, Chief Operating Officer at Apex Crypto. "In addition, the platform allows brokers and advisors to maintain compliance with related legal and regulatory guidelines."
Silver's enterprise-class cryptocurrency cost-basis platform provides fully compliant processing for every cryptocurrency event, including coin/fiat trades, coin/coin trades, payments, transfers, and income from hard forks, airdrops, mining, staking, and stablecoin interest.
"Our cryptocurrency platform leverages Silver's regulatory securities cost-basis engine, currently processing over 20 million accounts and $1 trillion in assets, with all the capabilities that have been in production for more than a decade," said Neal Ruskin, Managing Partner at Silver Cost Basis who is responsible for product strategy at the company. "We are very pleased to partner with Apex Crypto to extend robust and compliant digital asset support to their customers."
About Apex Crypto, LLC
Apex Crypto is a cryptocurrency platform that provides integrated trading and investment through licensing arrangements with broker dealers and financial advisors. A separate entity to Apex Clearing Corporation, Apex Crypto is available to all Apex Clearing clients and offers consolidated reporting and money management for a truly seamless experience. Apex Crypto holds crypto assets in separate accounts with seamless money movements from customers' linked brokerage accounts while adhering to legal and regulatory guidelines. Apex Crypto offers access to the most popular coins and is available to investors in 42 states and the District of Columbia, with additional states expected to join in the future.
Silver is a leading provider of business and technology solutions for the investment services industry. The Silver team applies decades of the security industry and software development experience, along with a passion for solving real-world problems, to deliver cost-effective brokerage operations and regulatory cost basis solutions for our clients. Silver's strategic partners provide complementary services, software, and market data to enhance Silver solutions. Silver's proprietary software solutions are currently used by some of the world's most respected financial institutions to process tens of millions of investment accounts and trillions in assets.