Crypto.com Chain token up 5% following tax firm partnerships

Crypto.com Chain (CRO) is only the 19th largest cryptocurrency by market cap, but it’s one of today’s top performers. Now trading at $0.045, CRO has shot up by nearly six percent in the last 24 hours and is this week’s biggest riser after privacy coin Monero.

CRO struck a 2020 peak on February 15 when it hit the $0.068 mark. It came crashing down on—go figure—March 13 like so many of its crypto cousins, when it was trading at a lowly $0.029.

The asset’s recent surge roughly correlates with the new partnerships between Crypto.com and assorted digital asset tax firms, including CoinTracker, CryptoTrader.Tax, and Token Tax.

The US and other countries require that individuals who spend or trade virtual currencies report transaction data on their tax returns. The process can be quite confusing, and new legislation released last October designed to assist in the reporting of digital funds hasn’t helped to clear things up.

Crypto.com is confident its partnerships will ease the steps involved in cryptocurrency reporting. Users can import their Crypto.com transaction histories using any of the three named companies. From there, the information is compiled into documents which can be printed out and taken to tax professionals or uploaded into tax filing software.

The rest of the crypto market has also experienced marginal gains, with the general market cap now at $183 billion—up $2 billion since the early afternoon. Bitcoin has shot past $6,700, while Ethereum is back to trading at $136 (where it was two days ago) and Ripple is close to hitting the $0.17 mark.