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ZenLedger Announces Fantom Support for Crypto Tax Reporting


ZenLedger recently announced native support for the Fantom network. The integration gives Fantom users access to crypto tax reporting services. The solutions help the users easily calculate taxes, manage crypto portfolios and generate the necessary tax documents. Given ZenLedger’s precision and reliability, the integration has also boosted Fantom’s adoption, which could positively impact the price. Check out this Fantom price forecast to see where FTM is headed in 2022. ZenLedger now enables enterprises to execute several types of transactions, including: Deploy Liquidity Pool Zap Farm Trade/Swap Loan Claim Reward Repayment Bridge What is Fantom? Fantom is a popular L1 blockchain network that uses a single consensus layer to support the development of multiple chains of execution. The independent consensus layer of the blockchain is called Lachesis, with a unique consensus mechanism, Lachesis Protocol. The protocol can provide security to several other layers, including Fantom’s EVM-supported smart contract chain, Opera. The protocol aims to develop an ecosystem of execution layers while helping them execute cost-efficient and fast transactions thanks to the benefits offered by Lachesis. The main reason why the market closely follows ZenLedger and Fantom’s partnership is their value proposition. ZenLedger addresses a common problem in the crypto market by offering a simple crypto tax preparation solution. As Congress debates tax reporting, the virtual currency market is seriously considering the issue. In addition, authorities also question the mention of virtual currencies at the top of the 1040 form; the IRS has seriously clarified their stance on crypto tax evasion. ZenLedger has been on the market since 2017 and is backed by several industry veterans. Most of these veterans belong to finance, accounting, and technology, aggregating user transaction data across multiple wallets, tokens, and exchanges into a single dashboard. The accumulation allows users to make simple financial decisions and tax obligations, making the integrations huge for both users and the market.
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