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Lukka provided technology, data, and professional services to assist in the preparation and passing of ShapeShift’s first financial audit.
ShapeShift, one of the earliest US-based crypto exchanges, was faced with its first financial audit after a few years of operation. The firm had to prepare financial statements reflecting not only their own trading/borrowing/staking/validating activities, but also the trading activity of millions of active users containing hundreds of millions of individual transactions. The firm’s transactions and balances needed to be reconciled and financial records over 3 years had to be cleaned and prepared for the auditors.
Working with Lukka’s Customer Success Team who are the world’s foremost experts in blockchain and crypto assets and leveraging Lukka Enterprise Data Management, ShapeShift was able to prepare clean records and financial statements to present to its financial auditors. Millions of transactions were reconciled and the Lukka team assisted in delivering all necessary reports requested from ShapeShift’s auditors. This resulted in the successful completion and passing of ShapeShift’s first financial audit.
Now that ShapeShift is transitioning to becoming a decentralized autonomous organization (“DAO”), Lukka will play a large part in helping them close their 2021 financials.
“ShapeShift could not have completed its audit without our partnership with Lukka. The Lukka team’s knowledge and continual support have made them an invaluable partner as we navigate the ever-changing crypto accounting landscape”
Director of Finance | ShapeShift
Lukka provided technology, data, and professional services to assist in the preparation and timely delivery of Form 1099-B tax Reports to LedgerX’s derivatives trading clients
LedgerX, one of the leading crypto derivatives exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC) was faced with the challenge of delivering Form 1099-B tax reports to both their derivatives trading clients and the IRS. Millions of individual transactions had to be reconciled, valued and processed for gain/loss figures, then attributed to the individual traders in order to deliver accurate Form 1099-B’s for each client.
Working with Lukka’s Customer Success Team who are the world’s foremost experts in blockchain and crypto assets and leveraging Lukka Enterprise Software, the LedgerX team delivered all necessary data for Lukka to reconcile, process and report on millions of transactions, while attributing them down to anonymized individual traders. Working with IHS Markit as the delivery agent, the teams were then able to timely distribute copies of the appropriate forms to both LedgerX’s derivatives trading clients and the IRS in preparation for tax season.
“Our traders expect a straightforward, smooth tax reporting experience. As a federally regulated exchange and clearinghouse, we are strongly committed to compliance and data accuracy. Lukka’s tech-forward approach and expert tax team caught our attention early on in our search for a reporting partner.”
CEO | LedgerX
