Coinbase Exchange Sends Tax Forms to Clients

The 1099-K form was received by those Coinbase users who carried out more than 200 transactions within a year for more than $20,000
02 February 2018   959

On January 31, Coinbase, a digital currency wallet and platform based in San Francisco where merchants and consumers can transact with digital currencies like Bitcoin, Ethereum, and Litecoin, has issued a 1099-K tax forms and sent them to some of its clients in the United States. 

In the United States, Form 1099-K "Payment Card and Third Party Network Transactions" is used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) or settlement of third-party payment network transactions.

According to Coinbase, the 1099-K form was sent to those clients who have processed more than 200 receipt transactions, or transacted more than $20,000 during past year, including the users of "business use" accounts.

We used the best data available to us to determine whether your account activity qualifies as Business Use, including but not limited to factors such as completion of a merchant profile or enabling merchant tools.
 

Coinbase Statement

The move of Coinbase disappointed many clients of the exchange as they understood that their transactions history would be reported to the The Internal Revenue Service, which is the tax collection agency that administers the Internal Revenue Code enacted by Congress. Moreover, some customers have reported that the figures in the tax forms were higher than they expected.

Coinbase to Present Toshi

Company believes that it can be a starting point for decentralized Internet
16 August 2018   404

Coinbase announced the launch of Coinbase Wallet called Toshi, which the company's specialists have been working on for the past year and a half.

According to the company's representatives, Coinbase Wallet should be viewed not simply as a tool for accessing cryptocurrencies, but as a starting point for decentralized Internet.

We believe that the applications of the future will be built on a decentralized internet (the blockchain). Everyone will own a crypto wallet that allows them to access decentralized applications (dapps) and that wallet will be their gateway to the open financial system.
 

Coinbase

Tooshi development started back in April 2017 under the Ethereum messager Token name. Last months the product development was headed by Peter Kim, the founder of the startup Cipher Browser, which was acquired by Coinbase in April this year.

Toshi features:

  • ERC 20 tokens and Ethereum support
  • Airdrop and ICO tokens support
  • Purchasing and storing crypto collectibles
  • Exchange trade

Coinbase Wallet also allows users to send payments anywhere in the world, giving them access to leading decentralized exchanges and decentralized third-party applications.