Nexo Partners with Koinly to Simplify Crypto Tax Reporting
Nexo, a lending platform for instant crypto loans, has joined forces with Koinly to make tax reporting easier for users. This collaboration allows Nexo users to generate customized crypto tax reports effortlessly. By partnering with Koinly, Nexo aims to streamline the process of crypto tax reporting and financial statement preparation.
Koinly offers Nexo users the ability to tailor their transaction histories and meet their specific tax obligations through the Nexo app. Additionally, Nexo clients can access country-specific tax reports for over 100 jurisdictions.
According to Antoni Trenchev, co-founder and Managing Partner of Nexo, this partnership demonstrates the platform’s commitment to providing comprehensive financial solutions and empowering clients to make well-informed decisions.
The service provided by Koinly automates accurate tax reports, reducing complexities and minimizing human error. Nexo users can utilize this service for free for up to 800 transactions annually. For users exceeding this volume, a 30% discount is available on Koinly.
Simplification of Crypto Taxation
As Web3 activity continues to grow, accounting for crypto gains and losses has become a significant challenge for both individuals and businesses. The IMF has highlighted the difficulty in taxing crypto assets due to their pseudonymous nature.
Web3 companies often need to track transactions across multiple blockchains and wallets to ensure proper reporting of crypto gains and losses on their tax returns. This requires deep integration with blockchain data.
Adam Saville Brown, Head of Partnerships at Koinly, believes that this collaboration marks a significant milestone in simplifying crypto taxes. He stated that it aligns with Koinly’s mission to cater to the tax needs of crypto investors while complementing Nexo’s innovative approach in the crypto financial services sector.
Nexo plans to launch educational materials on cryptocurrency tax reporting in the future.
Hot Take: Nexo and Koinly Join Forces to Streamline Crypto Tax Reporting
Nexo’s partnership with Koinly is a significant development for crypto users seeking a simplified approach to tax reporting. By integrating Koinly’s services, Nexo offers its users tailored crypto tax reports and a streamlined process for preparing financial statements. This collaboration addresses the challenges faced by individuals and businesses in accurately accounting for crypto gains and losses.
With Koinly’s automation capabilities, users can generate accurate tax reports, reducing complexities and minimizing errors. The availability of custom country-wise tax reports for over 100 jurisdictions further enhances the user experience. This partnership showcases Nexo’s commitment to providing comprehensive financial solutions and empowering its clients with the necessary tools to make informed decisions in the crypto space.
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