CoinAPI Use Case - Simplify Tax Calculation and Financial Reporting With CoinAPI's Accurate Market Data

Crypto taxes and accounting

Simplify tax calculation and financial reporting

Determining the original purchase price of crypto assets, especially with frequent trading on multiple exchanges, pose hurdles for crypto tax and accounting..

Crypto prices are highly volatile and trade 24/7. Calculating the fiat value of transactions at the exact time they occurred across different time zones can be burdensome. Moreover, users often trade on global exchanges, creating confusion about which country's tax rules apply. Other jurisdictions treat crypto assets and transactions differently.

What are the pain points when performing crypto taxes and accounting?

Complex crypto transactions and the need to track cost basis accurately

Handling large volumes of transaction data and ensuring data accuracy

Integrating crypto transactions with existing accounting systems

Dealing with different types of crypto assets and their varying tax treatment

Lack of historical data from the cryptocurrency market

Spending a lot of time collecting data from various resources

Poor data quality

How does CoinAPI solve this issue?

CoinAPI Products Used:

Get transaction details

CoinAPI consolidates transaction details, simplifying tax reporting and accounting
You'll get transaction details from various sources, streamlining tax reporting and accounting
Synchronize transaction data in real-time, ensuring up-to-date tax reports and accurate accounting records

One API to access all of your customers' balances and trades

Simplified and standardized data for tax calculations, saving developer hours and reducing complexity
Leveraging standardized data for tax calculations, eliminating manual data processing and enabling efficient tax reporting

Get access to real-time and historical crypto market data

Track multiple cryptocurrencies' prices in one place instead of attaching data from different resources
Access to features like data filtering, aggregation, and transformation to improve data accessibility and usefulness

High-quality, normalized data

Access structured data from multiple exchanges, simplifying integration and processing
Access high-frequency exchange rates, order books, and unique low-frequency data
Gain comprehensive insights from aggregated data across multiple exchanges

Reduced development cost & time

Developers can easily implement APIs without dealing with multiple APIs themselves
CoinAPI enables seamless app integration for an efficient stack
CoinAPI offers REST, WebSocket, and FIX protocols to facilitate faster integration between API and users

Integrate easily

Easy integration with third-party trading systems
Quick response time
Interact with crypto data easily to focus on your own solution development

Full API maintenance

Leverage CoinAPI's SDK infrastructure to avoid the burden of maintaining your own API
Easily synchronize your crypto wallet with the cryptocurrency ecosystem using CoinAPI
API integration unlocks new features and functionality, and CoinAPI offers infrastructure and tools for seamless integration

Why developers love us?

We empower developers with tools and resources that streamline their workflow, allowing them to create innovative solutions faster and more efficiently.

Python

Matlab

C++

.NET

java

javascript

typescript

Node.js

Gopher

php

Haskell

tensorflow

Ruby

Unified Ecosystem

Access a cohesive platform where all components work seamlessly together, eliminating compatibility headaches and streamlining your development process.

Plug-and-Play Solutions

Leverage our modular architecture to rapidly build and customize your applications. Mix and match components to create tailored solutions effortlessly.

Developer-Centric Design

Experience a platform built by developers, for developers. Our intuitive design and developer-first approach make complex tasks feel effortless.

Our core values

Why Choose CoinAPI?

Uninterrupted Service

Our distributed infrastructure have 100ms-level failover time. Standard SLA included to all subscriptions. Experience seamless operations, regardless of local disruptions.

Comprehensive API Suite

Access our full range of financial data through a single, unified API ecosystem, simplifying integration and reducing development time.

Tailored Data Solutions

From unique order types to proprietary exchange data, we support custom requests that go beyond standard offerings, adapting to your specific integration requirements.

Real-time & interconnects

We operate on proprietary infrastructure, ensuring the lowest latency and highest uptime in the industry. Our global network using UDP na BGP protocols to exchange data directly between our data centers and Customers.

Real-time and historical data from all exchanges

Seamlessly access both real-time and historical data from over 300 data sources in same format, enabling thorough market analysis and informed decision-making.