Cryptocurrency accounting solution Blox has partnered with Dash.
Blox is an accounting platform that allows users to track and manage cryptocurrency transactions and balances, including tax calculations, significantly improving the prospect of using digital payments for businesses of all sizes. The platform has recently partnered with Dash, adding support for the currency to its platform. Alon Muroch, CEO and Co-Founder of Blox, accounting and tax calculation is a difficult prospect, one which will now be solved for Dash users:
“Crypto accounting and bookkeeping is a very new term that most companies are unfamiliar with. It is natively complex, especially for navigating taxation, cost basis calculations and even to organize portfolios and accounts. By partnering with Dash, we enable them with powerful productivity tools and the best-in-class solutions built to serve their specific requirements.”
Notably, using Blox allows businesses to leverage a single advanced solution for accounting rather than resorting to using crude and time-consuming workarounds such as spreadsheets, or building custom solutions from the ground up at great cost.
One of the major hurdles to mass cryptocurrency adoption
The addition of Blox and similar accounting services solves a critical barrier to adoption of cryptocurrencies, according to Dash Core CEO Ryan Taylor:
“One of the significant barriers to adoption of cryptocurrencies in businesses is the added accounting complexity. It is important for businesses looking to utilize Dash to have access to tools to make the accounting tasks easier across all the services they use. Blox is helping to ease that burden, and our business users will undoubtedly welcome this addition to our ecosystem.”
Dash has had similar solutions to the accounting problem, famously Node40, an accounting and compliance service for Dash which includes support for calculating taxes on transactions including PrivateSend. Node40 has previously partnered with Dash cannabis business solution Alt Thirty Six, entered a strategic alliance with NodeSwap, and most recently partnered with SALT to expand lending options.
Regulatory issues a key barrier to adoption
Regulatory standing remains a key issue of concern for the cryptocurrency industry seeking to move forward to mass adoption. A notable barrier for Dash has been concern over the asset’s classification, including whether it would be classified as a security and therefore be subject to additional regulations. However, according to Taylor, behavior by the Securities and Exchange Commission (SEC) seems to indicate they do not view Dash as a security.