Nexo Introduces Tax Calculation Software Integration
Nexo users can now take advantage of the integration of tax calculation software on their favorite trading platform. The inclusion of Koinly is a valuable addition as it simplifies the process of tax submission for crypto investors, saving them from complications.
Koinly is a widely used tax service in the crypto industry, relied upon by both individual traders and professional firms. It has been integrated with numerous exchanges and wallets, allowing for automatic tax calculations with minimal effort. This is particularly beneficial for traders who already spend a significant amount of time on their screens.
Nexo Enhances Its Platform
Nexo, a crypto credit startup turned exchange powerhouse, has been steadily adding features to its mobile app and web platform. The recent addition of simplified futures trading showcased its growth. While the integration of Koinly’s tax calculator may not attract much attention, its usefulness is undeniable.
“We’re proud to already service the tax needs of over 1 million crypto investors worldwide,” said Koinly’s Adam Saville Brown. “Partnering with Nexo, a leader in crypto financial services, amplifies our commitment to broader cryptocurrency adoption and simplification of crypto taxation. This collaboration is a testament to Nexo’s innovation and aligns seamlessly with our mission.”
Koinly supports over 100 jurisdictions where crypto is taxable, which means it can cater to the needs of most Nexo users. With over 6 million users from 200 countries, Nexo has become synonymous with trading and also provides services to institutions and family offices.
A Wide Range of Crypto Assets Supported
Nexo supports more than 60 different crypto assets, covering various verticals such as Layer1s, Layer2s, DeFi, and stablecoins. Users have access to popular coins like BTC, ETH, and NEXO, as well as smaller-cap coins like BAL, KSM, and ENS. Additionally, Nexo’s crypto lending service allows users to increase their capital by depositing assets and borrowing against them.
Efficient Tax Reports
Koinly claims to be capable of generating tax reports for its users in just 20 minutes. This not only saves time but can also lead to potential tax savings through legal means. Calculating tax bills can be complex for crypto traders, especially with the growing number of exchanges and chains involved.
Nexo users who primarily use the platform can rely on Koinly’s integrated service, covering up to 800 transactions for free. For users with a higher volume of trades or who trade on multiple platforms, there is the option to upgrade to a paid plan. As part of its partnership with Koinly, Nexo offers a 30% discount on the paid plan.
Hot Take: Nexo Makes Tax Submission Easy for Crypto Traders
Nexo’s integration of Koinly’s tax calculation software simplifies tax submission for crypto investors. With Koinly’s widespread usage and integration with various exchanges and wallets, traders can automatically calculate their tax liabilities with minimal effort. This partnership demonstrates Nexo’s commitment to providing innovative financial services in the crypto industry. The collaboration aligns with Koinly’s mission of simplifying crypto taxation and promoting broader cryptocurrency adoption. Moreover, Koinly’s efficient tax reports can be generated in just 20 minutes, saving users time and even potentially reducing their tax burden. Overall, Nexo’s integration of Koinly enhances the trading experience for its users and promotes responsible tax practices in the crypto space.
By
By
By
By
By
By