Standardizing Crypto Finance: How NYDIG Attained Compliance Within Volatile Digital Assets

5M + Crypto transactions reconciled accurately

Big4 Audit passed; year-end automated

1099-B issued; real-time tax APIs

Discover how NYDIG and Taxbit join forces to solve crypto tax and accounting challenges, laying the foundation for broader digital asset adoption

Taxing troubles: Overcoming manual processes and complex cryptocurrency reporting obstacles

The brokers reporting through Taxbit.

“By automatically collecting information, remediating inaccuracies, and generating the required forms, we save companies and end-customers crucial time and significantly reduce operational costs.”

Edward Woodford · CEO & Founder, Zero Hash

PROBLEM

Before partnering with Taxbit, NYDIG had attempted a series of arduous and manual solutions in-house and faced the following challenges:

Tedious, complicated accounting process for their core business
Inadequate, periodic tax reporting for their clients
A lack of a reporting system to manage GAAP- compliant gains and losses
Uncertainties regarding the complex tax landscape in the cryptocurrency industry

SOLUTION

Taxbit delivers end-to-end crypto tax and accounting compliance for NYDIG

Taxbit helped NYDIG deploy key enhancements that reduced operational costs and increased customer delight in their Platform Solutions Group. This API-focused offering enables clients to build rails for Bitcoin transactions, storage, loyalty programs, and more. By integrating Taxbit’s near real-time transaction API and embracing a SaaS solution for Tax Compliance with the Taxbit Dashboard, NYDIG and their clients now have a single source of truth with permission-based access to view, update, and manage user and transactional data.

RESULTS

Combining tax and accounting for a future-proof and complete compliance solution

In an era where tax and accounting standards are swiftly evolving, Taxbit’s end-to-end solutions enable enterprises like NYDIG to achieve complete compliance—today and into the future.