Why do you think blockchain reference data is relevant? How can it help us to save on taxes? The co-CEO of Lukka explains.
Lukka concentrates on processing blockchain and tokenized asset data to endorse regular business processes. Their website is saying that they are “the gold standard of digital asset data.” Lukka’s products vary from DIY tax solutions to data estimates and to a subscription-based digital asset content library.
Blockchain Data Is Now Less Complicated
Co-CEO Robert Materazzi gave a keynote presentation when there was a Crypto Traders Live event. He spoke about how blockchain data can streamline the company's operations and how it can save money on taxes.
The presentation concentrated essentially on Lukka Reference Data and LukkaPrime- two of Lukka’s signature products. The use of reference data immediately became clear as Materazzi said that there are no special identifiers for crypto-asset names/tickers.
It means that exchanges, OTC desks, and other comparable businesses can pick their ticker symbols. Chaos appears almost certain with more than 6,000 cryptocurrencies now placed on CoinMarketCap. Lukka has accordingly built a large master data set that maps objects, unique assets, and trading pairs.
The job of tracking assets beyond many independent entities is considerably easier cause the complete number of individual assets and trading pairs mapped is more than 25,000 for both.
Still, the difficulties don’t end here. Costs of crypto trades can also get very dirty because of “unique situations” that can appear during a crypto-to-crypto trade.
Materazzi presents the case of a Bitcoin to Ethereum trade, where a price for the trade is also denominated in a cryptocurrency. This knowledge is necessary when estimating the cost-basis for the trade — the cost of the transaction at that point in time — which is applied for tax and compliance goals.
This is where LukkaPrime moves in to offer pricing estimates on such transactions so firms can adhere to proper financial reporting rules.
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