GEX Management Inc. to launch a full suite of tax and accounting products for the Crypto and DeFi markets for the 2021 tax season.
10/07/2021 - 08:45 AM
The Total Addressable market for such products could be well in excess of$2.5 Billion .
Dallas, TX., Oct. 07, 2021 (GLOBE NEWSWIRE) -- GEX Management Inc. (GXXM:OTC Pink) will be launching a full suite of tax compliance and accounting products in time for the 2021 tax filing season, called CryptoBooks. A common complaint of serious investors in the DeFi marketplace is the difficulty in remaining compliant with accounting and tax filing. The nature of blockchain platforms and DeFi exchanges does not allow for the easy reporting of realized gains and losses. According to Internal Revenue Service rules, realized gains and losses must be recorded any time a cryptocurrency is sold for cash or traded for another cryptocurrency. DeFi exchanges allow traders to swap from one token for another but do not provide the pricing data in US Dollars required for proper reporting. With its launch of the GOATx DeFi platform GEX has access to pricing and market data for most cryptocurrency tokens traded today. The technologies developed by GEX for the GOATx platform enable users to retroactively generate accounting reports for all trades, even those prior to the launch of GOATx.
Regulated, centralized exchanges like Coinbase provide reporting for transactions on their platforms, but it is the investors responsibility to account for trades on DeFi exchanges. Failure to provide the proper cost basis for each trade puts the trader at risk of overpaying taxes on their cryptocurrency gains and gains made through staking tokens in liquidity pools and yield farms. The GEX accounting products will allow traders to not only report financial gains and losses for tax purposes, but also provide analytic tools to help investors profit from cryptocurrency trading. GEX accounting products use the transparency of blockchain platforms like Ethereum and Binance Smart Chain along with historical pricing data for over 2000 cryptocurrencies to automatically generate accounting reports for all prior and future DeFi transactions.
According to Chappuisholder.com between 15-22 million active Crypto traders in the US alone. There are more than 50 million traders worldwide according to the same sources. Assuming these active traders trade among the whole universe of coins implies they are potentially all DeFi traders as well. If we assume a trader would pay $20 /month the Total Addressable Market (TAM) for an accounting service could approach $3.6 billion - $5.3 billion . Mr. Joseph Frontiere, CEO of GXXM, said ”We intend to actively support the launch of this product family and expect the family of products to have significant revenue. We have first mover advantage.”
About GEX Managementhttp://www.gexmanagement.com
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