Voyager Digital (VOYG) announced Tuesday it is teaming up with CoinLedger (a rebranding of CryptoTrader.Tax) to make capital gains, losses, and income tax reporting easier for users.
Voyager is one of the fastest-growing publicly traded cryptocurrency platforms in the United States. (See Insiders’ Hot Stocks on TipRanks)
Simplifying Crypto Tax Reporting
The interoperable nature of cryptocurrencies and digital assets, with transfers to and from platforms such as Voyager, can create tax issues for users, especially when it comes to tracking the cost base, what is needed for capital gains tax reporting.
CoinLedger, a leading tax reporting platform for cryptocurrency, DeFi, and NFT users, solves this problem by integrating directly with major exchanges, wallets, and blockchains to enable any cryptocurrency user to follow the history of its transactions of digital assets in the crypto-economy.
Voyager customers will be able to use the CoinLedger platform as early as Fiscal Year 2021 to import their cryptocurrency transactions and obtain reports on capital gains, losses, and income. These reports can be imported into tax filing software such as TurboTax or sent to tax professionals to facilitate tax filing.
CoinLedger CEO and co-founder David Kemmerer said, “Voyager is forward-thinking when it comes to user experience. Early on, the Voyager team realized that relying solely on blanket Form 1099 information reporting may not be sufficient to help customers report and file their crypto taxes.
“We’re excited to bring CoinLedger’s tax reporting solutions to the Voyager ecosystem and further enhance the user experience of the platform by making tracking and filing taxes easier for its customers.”
Wall Street’s Take
On November 22, Noble Financial analyst Joe Gomes maintained a Buy rating on VOYG with a $25 (C$31.89) price target. This implies 74% upside potential.
The rest of the Street is bullish on Voyager with a Strong Buy rating based on four Buys. The average Voyager Digital price target of C$30.69 implies 67.4% upside potential to current levels.