Jun 25, 2021
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Service categories
Service Lines
Cloud Consulting
Software Development
Web Development
Domain focus
Banking & Financial Services
Programming language
Python
Challenge
A full-fledged crypto accounting software platform, which retrieves data from exchanges, wallets, and other cryptocurrency platforms, computes the profits, losses, and income from a user’s investing activity, calculates gains and losses, and generates the necessary tax reports.
A full-fledged crypto accounting software platform, which retrieves data from exchanges, wallets, and other cryptocurrency platforms, computes the profits, losses, and income from a user’s investing activity, calculates gains and losses, and generates the necessary tax reports.
Solution
Our Fintech software company developed a Python-based script relying on the following business logic:
The service receives a request from the platform to calculate the cost basis for every transaction reducing a crypto asset balance owned by a specific user and the resulting gain or loss.
It connects to the platform’s Firestore database to retrieve all of the user’s crypto transactions and transaction metadata (including spot price and classification).
The service applies custom smart matching algorithms, developed and implemented by our team, that group the crypto transactions by asset (BTC, ETH, etc).
Our Fintech software company developed a Python-based script relying on the following business logic:
The service receives a request from the platform to calculate the cost basis for every transaction reducing a crypto asset balance owned by a specific user and the resulting gain or loss.
It connects to the platform’s Firestore database to retrieve all of the user’s crypto transactions and transaction metadata (including spot price and classification).
The service applies custom smart matching algorithms, developed and implemented by our team, that group the crypto transactions by asset (BTC, ETH, etc).
Results
Our specialists have managed to add extra value to the client’s accounting software by implementing crypto asset classification into different categories and smart calculation of income taxation.
The platform has been successfully launched, and now is showing a great potential as an ultimate platform that simplifies payments and accounting for global businesses. The platform is still growing and now it’s even more than just a crypto accounting tool, but it’s invoicing, payment and accounting software in one that helps businesses get paid faster and more transparently, with dramatically lower fees.
Our specialists have managed to add extra value to the client’s accounting software by implementing crypto asset classification into different categories and smart calculation of income taxation.
The platform has been successfully launched, and now is showing a great potential as an ultimate platform that simplifies payments and accounting for global businesses. The platform is still growing and now it’s even more than just a crypto accounting tool, but it’s invoicing, payment and accounting software in one that helps businesses get paid faster and more transparently, with dramatically lower fees.