Cryptographic key management and protection firm Unbound Tech and tax software provider Sovos have announced a joint solution to enable maximum security and compliance as financial services add digital assets and cryptocurrencies to their service offerings.
Founded in 2014, Unbound Tech equips companies with a software solution that protects secrets such as cryptographic keys, credentials or other private data by ensuring they never exist anywhere in complete form. The firm’s Unbound Distributed Trust Platform is using secure multiparty computation to ensure secrets are always split into multiple shares and thereby eliminate any single point of compromise.
Sovos is a global provider of software that safeguards businesses from the burden and risk of modern tax. The Sovos Intelligent Compliance Cloud combines “world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting.” Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications.
The shift to cryptocurrencies and other digital assets becoming mainstream brings new tax compliance requirements. The Sovos-Unbound partnership will provide institutions trading or holding digital assets and cryptocurrency an advanced platform to secure their digital asset transactions that also ensures compliant tax reporting of cryptocurrency trades.
“The Sovos-Unbound Tech partnership will provide advanced tools to secure blockchain transactions while ensuring tax compliance and reducing risk,” the companies said. “Together, the integrated solution provides a superior way for crypto-asset exchanges to efficiently report taxes and process forms while ensuring transaction security.”
Rocco Donnino, vice president of strategic alliances at Unbound Tech, said that Sovos offers the expertise and track record of more than three decades of tax reporting with many of the world’s largest financial institutions, and demonstrates a deep understanding of the cryptocurrency space and the unique challenges it presents.
“Unbound Tech and Sovos together give customers peace of mind knowing their cryptoassets are not only safe from a security standpoint, but also from a government audit standpoint, as well,” Donnino said.
Paul Banker, general manager of Tax and Regulatory Reporting at Sovos, agreed with Donnino stating that partnering with Unbound Tech to bring this solution to market was a natural fit.
“They bring recognized digital asset security while Sovos delivers the best of intelligent tax information reporting to the cryptocurrency arena,” said Banker.
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