ZenLedger Announces Fantom Support for Crypto Tax Reporting

ZenLedger recently announced native support for the Fantom network. The integration will allow Fantom users to access crypto tax reporting services. The solutions will help the users simply calculate taxes, manage crypto portfolios, and generate needed tax documents.

Given the precision and reliability of ZenLedger, the integration also boosted Fantom’s adoption which might affect its price positively. Check out this Fantom price forecast to learn where FTM is headed in 2022.

ZenLedger now allows ventures to conduct several transaction types, including:

  • Staking
  • Liquidity Pool
  • Zap
  • Farm
  • Trade/Swap
  • Borrow
  • Claim Reward
  • Repayment
  • Bridge

What is Fantom?

Fantom is a popular L1 blockchain network that utilizes a single consensus layer to support the development of multiple execution chains. The blockchain’s independent consensus layer is named Lachesis, which features a unique consensus mechanism, Lachesis Protocol.

The protocol can offer security to different other layers, one of which is Fantom’s EVM-supported smart contract chain, Opera. The protocol aims to develop an ecosystem of execution layers while helping them to feature cost-efficient and fast transactions due to the perks offered by Lachesis. 

The primary reason behind the market keenly following ZenLedger and Fantom’s collaboration is their value proposition. ZenLedger addresses a prevalent issue in the crypto market by offering an easy crypto tax preparation solution. 

As Congress is debating tax reporting, the virtual currency market is considering the issue severely. Moreover, authorities are also questioning the listing of virtual currencies at the 1040 Form’s top; the IRS has clarified their stance regarding crypto tax evasion seriously.

ZenLedger has been present in the market since 2017 and is backed by several industry veterans. Most of these veterans belong to finance, accounting, and technology, aggregating user transaction data across multiple wallets, tokens, and exchanges into one dashboard. The accumulation allows users to make simple financial decisions and tax liability, making the integrations huge for both users and the market.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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