HashChain Technology Reports a 57% Increase in Users for Their Blockchain Accounting and Tax Software Since Acquisition
VANCOUVER, June 18, 2018 – HashChain Technology Inc. (“HashChain” or the “Company“) (TSXV: KASH; OTCQB: HSSHF) today announced that as of May 31, 2018 a 57%* increase in users for their cryptocurrency accounting and tax software, Balance, since the acquisition of NODE40 on January 30, 2018.
Balance is Software-as-a-Service (SaaS) that offers cryptocurrency holders a simple and accurate way to keep track of transactions by analyzing the blockchain to report capital gains and losses. Cryptocurrency users can upload data from any hardware and software wallet, or compatible exchanges. When the user authorizes access to their transaction history, Balance provides both a high level and detailed summary, including date, time, transaction type, short-term or long-term gains, and price differential. Once gains and losses are calculated, the software automatically details the information on a worksheet that can be shared with a CPA to file at tax time.
Between February and May 2018, Balance integrated support Coinbase, Gemini, Bittrex and GDAX exchange support. HashChain also added new features to improve functionality, including cross-wallet transactions, as well as LIFO (last in, first out) to select transaction cost basis for exchanges ledgers. Previously, only FIFO (first in, first out) was available. The option to select two methods of calculating gains and losses gives users more control over their personal financial goals.
“The substantial growth of Balance is a reflection of the significant resources that we put towards new features and exchange support in order to appeal to a wider variety of cryptocurrency investors,” says Patrick Gray, CEO of HashChain. “The Company is committed to further developing this important technology to ensure that every cryptocurrency user, whether for personal or commercial use, can effortlessly and accurately manage their holdings without stress during tax time.”
For a limited time, the Balance solution will be available for free. To create an account, visit: https://www.node40.com/balance/.
*The percentage of user growth was determined based on total users of the platform from January 2018 (720) through May 2018 (1128). The software in its beta form has been available to users free of charge.
Stock Options Granted and Correction
The Company previously announced on June 15, 2018, that a total of 1.09 million stock options were granted to certain employees and consultants of the Company in error. The Company actually granted 40,000 stock options to certain employees. The options are exercisable for a period of five years at a price of $0.50 per share and 1/3 of the total options will vest every 12 months from the date of issuance.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining 'wins.' HashChain currently operates 100 DASH mining Rigs and 3,395 Bitcoin Rigs with an additional 6,000 to be deployed upon successful completion of its recently announced acquisitions. Once all Rigs are operational HashChain will be consuming approximately 12.5 megawatts of power. HashChain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode. Diversifying its business strategy beyond crypto mining, the Company recently acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York, and an office in Vancouver, British Columbia.
On Behalf of the Board,
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Vice President, Marketing & Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the anticipated benefits to the Company of the anticipated performance of a total of 9,495 Rigs, the expected timing of delivery, the successful completion of the acquisition and installation of 5,000 rigs by the end of 2018, and expectations regarding future operations may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, the 9,495 Rigs will perform as expected by management, the Company will successfully complete the acquisition and installation of the 5,000 Rigs and the timing of delivery of the 5,000 Rigs will be consistent with management’s expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements; the risk that the 9,495 Rigs will not perform as expected by management, the risk that the Company will not complete the acquisition of the 5,000 Rigs and the risk that the 5,000 Rigs will not be successfully delivered and deployed. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.