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Fantom Support for Crypto Tax Reporting Announced by ZenLedger

ZenLedger recently launched native Fantom network integration. Users of Fantom will be able to obtain crypto tax reporting services as a result of the connection. Users will be able to easily calculate taxes, manage crypto investments, and generate necessary tax paperwork using the solutions.

Because of ZenLedger’s precision and reliability, the integration enhanced Fantom’s adoption, which may have a beneficial impact on its pricing. See where FTM is expected to go in 2022 by looking at this Fantom price estimate.

ZenLedger now enables businesses to undertake a variety of transactions, including:

  • Staking
  • Pool of Liquidity
  • Zap
  • Farm
  • Trade/Swap
  • Borrow
  • Request a Reward
  • Repayment
  • Bridge

What exactly is Fantom?

Fantom is a prominent L1 blockchain network that supports the establishment of many execution chains using a single consensus layer. Lachesis is the name of the blockchain’s separate consensus layer, which uses a unique consensus process called the Lachesis Protocol.

Opera, Fantom’s EVM-supported smart contract chain, is one of the protocols that can provide security to other levels. Because of the benefits provided by Lachesis, the protocol aspires to establish an ecosystem of execution layers by assisting them in developing cost-effective and rapid transactions.

The value proposition of ZenLedger and Fantom is the primary reason why the market is so interested in their collaboration. ZenLedger solves a common problem in the crypto sector by providing a simple crypto tax preparation solution.

While Congress debates tax reporting, the virtual currency market is paying close attention to the subject. Furthermore, authorities are challenging the inclusion of virtual currency at the top of the 1040 Form; the IRS has clarified its position on crypto tax avoidance.

ZenLedger has been around since 2017 and is backed by a number of industry heavyweights. The majority of these seasoned professionals work in finance, accounting, and technology, combining user transaction data from numerous wallets, tokens, and exchanges into a single display. Users may utilise the accumulation to make simple financial decisions and calculate their tax liability, making the integrations extremely valuable to both users and the market.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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