Case Study: a US-based fintech company simplifies crypto accounting and tax reporting with Itexus

a us-based fintech company launches crypto accounting platform with Itexus

The client, a US-based fintech company, needed a robust tool to automatically calculate cost basis and tax liabilities for users operating with multiple payment methods, including crypto assets. The challenge was to accurately retrieve and process complex crypto transaction data from various sources for correct tax reporting. They engaged Itexus to develop this specialized backend service.

Itexus developed a Python-based service using Google Cloud Functions and Firestore. Their solution applied smart matching algorithms and the FIFO accounting method to categorize transactions, calculate gains/losses, and determine tax rates. The successfully launched platform by Itexus now serves as a comprehensive accounting and payments tool, helping businesses manage their processes with greater transparency and lower fees.