Legible releases full Dogecoin support for tax and accounting

Verady, which makes Ledgible, a platform to monitor and report on cryptocurrency investments, has created a native integration with Doge to make it easier to work with clients invested in Dogecoin.

Dogecoin was launched as a joke by software engineers Billy Markus and Jackson Palmer who wanted to highlight the wildly volatile nature of cryptocurrencies. But investments from the likes of Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons catapulted Dogecoin to one of the most popular cryptocurrencies on the market.

“For those who move Doge between wallets and exchanges to trade, sell or buy, tracking and accounting for all those transactions can be overwhelming,” said Kell Canty, CEO of Verady, the company that owns Ledgible, said in a statement. “Our Ledgible solution gathers all that data for Doge natively, creates monthly accounting statements, identifies taxable transactions and calculates the gain/loss.”

Today, Dogecoin has a market cap approaching $60 billion and is among the top 10 cryptocurrencies. As Dogecoin continues to grow, Ledgible can manage all the transactions made using Dogecoin, or any supported action of the Doge blockchain. Ledgible fully tracks on-chain Doge blockchain transactions. Dogecoin holders can store Doge in an on-chain wallet and directly import all transactions via an API connection rather than needing to be uploaded to Ledgible or entered manually.

One of the biggest challenges for cryptocurrency holders is to account, track, and manage all the crypto data across multiple wallets and exchanges as well as all transactions to calculate gains/losses and income, especially now that the IRS is taxing this activity. Holders do not receive monthly statements on-chain wallets are not designed to provide monthly accounting statements or tax reporting. The complexity of transferring crypto and complex transaction history can leads to many reporting difficulties. Ledgible supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and accounting platforms.