ATLANTA, May 13, 2020 /PRNewswire/ -- Verady, the leading cryptocurrency tax and accounting software company, today announced its Ledgible Tax solution is now available for employees at Storj Labs, an open source decentralized cloud storage platform. Storj began offering its tokens as part of compensation in early 2019 and many of Storj's team members opt to take a portion of their salary and bonuses in STORJ tokens. With Ledgible Tax, Storj employees have access to an intuitive platform designed specifically for cryptocurrency, making tax reporting a simple process.
"At Storj we highly value our team members and always strive to support them, particularly in these difficult times. As team members opt to be compensated with STORJ tokens, we wanted to offer them a solution to minimize complexity and make tax reporting straightforward so they have one less thing to worry about," said Matthew May, CFO with Storj. "We chose Verady's Ledgible Tax for its ability to simplify the complexity of crypto and enable each employee to easily report their transactions."
"The new required IRS question around Virtual Currency has highlighted the need for reporting on cryptocurrencies and Verady is providing the needed financial reporting tool," said Kell Canty, CEO of Verady. "Legible Tax saves time, reduces complexity and ensures accuracy."
World-wide, financial institutions, corporations and accounting firms use the Ledgible platform to manage billions of dollars of cryptoassets. With the click of a button, Ledgible Tax organizes capital gains and losses, transaction details and exchange orders to create reports for individuals as well as tax and accounting professionals with full data auditability.
About Storj Storj Labs provides secure, affordable distributed cloud storage that gives data ownership back to the user, instead of major corporations. The company's open-source cloud storage platform utilizes spare disk drive space shared by its community members to create a secure network for developers, operations teams, companies, and others in need of secure cloud storage. The distributed architecture of the Storj network protects against attacks, improves reliability, increases download/upload speeds, and enhances performance when compared to many traditional cloud storage approaches.
About Verady Verady provides cryptocurrency tax, accounting, and confirmation capabilities through the Ledgible platform. Verady believes traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting.