New York, USA - November 14, 2018 - Sean Ryan and Perry Woodin, the founders of NODE40, the blockchain accounting firm that specializes in cost basis tracking, have announced that they will purchase all NODE40 assets from their parent company and continue doing business as NODE40.
“Sean and I are thrilled to take back full control of the company we founded. As more and more businesses find unique benefits to using cryptocurrencies within their operations, NODE40 is perfectly placed to help them navigate the tax and accounting events unique to this new asset class,” said Perry Woodin.
NODE40, which specializes in calculating digital currency cost basis, incomes, gains, losses and tax liabilities, was acquired in February 2018. Its core product is NODE40 Balance, a robust cryptocurrency tax reporting software that integrates directly with major cryptocurrency exchanges and user-owned (custodial) wallets. Ryan and Woodin will be purchasing all NODE40 assets from the parent company and will continue operations as a private company.
With a cryptocurrency market size of $202 billion, increasing government intervention into the cryptocurrency market is certain. NODE40 addresses a more strict regulatory environment and additional IRS requirements by using a coin-holder’s transaction history to analyze the blockchain and determine accurate valuations for every input and output that makes up a transaction.
“As a private, debt-free company, we will have a great deal of flexibility to be nimble in our approach to the many opportunities that are emerging in crypto accounting,” said Ryan. “We’re extremely excited about getting back full control of the company we founded and cannot wait to get started on this new chapter in NODE40’s story.”
Sean Ryan received his Master’s of Science in Information Science after completing a Bachelor’s of Arts in Computer Science from the State University of New York at Albany. Since co-founding the company in 2015, he serves as Chief Technology Officer, designing the technology roadmap and plays an active role in business development activities. He leads key service offerings including blockchain hosting, blockchain accounting, and cost basis analysis.
Perry Woodin has over 20 years experience architecting and managing web-based applications and services. Perry’s interest in blockchain technologies started with the financial incentives that digital currencies use to encourage network participation — from early Bitcoin mining to Dash incentivized full nodes. As Chief Executive Officer, he will be responsible for strategic decisions and cultivating relationships with partners.