Nexо Presents Seamless Crypto Tax Reporting Integration with Koinly
November 28 – In a pivotal advancement to address the escalating demand for robust crypto tax reporting tools, Nexo, the leading digital assets institution, is proud to announce its strategic integration with Koinly, an innovative crypto tax software solution. The collaboration, which goes live on Thursday, November 30 – just in time for tax season 2023 is a direct response to the industry’s need for more streamlined, seamless tax reporting and financial statement preparation capabilities, particularly in the context of the upcoming tax season.
The integration is a testament to Koinly's established reputation in the cryptocurrency community and Nexo’s penchant for seamless operations. The effortless design allows clients to generate Koinly tax forms and reports, tailored to their transaction history and specific tax requirements and fiscal obligations with the click of a button on the Transactions section of the Nexo app. Koinly’s specialized offering presents Nexo users with access to tailored account reports and custom by-country tax reports for over 100 jurisdictions.
Tax reports on Nexo accounts will be available at no cost for up to 800 transactions annually, thus simplifying tax compliance, eliminating the chance for human error, and saving clients’ time. For clients with transaction volumes surpassing this limit, Nexo is extending a considerable 30% discount on Koinly’s services for the entire transaction volume.
Though Nexo’s roots hail from crypto-backed credit – which in certain situations does not trigger a taxable event – the company has over the years released a 360º offering, including a series of new features for its exchange, such as Dual Investment, Futures Trading, Trigger Swaps, and others. It was this expansion of its exchange offering and feedback from its user base of 6 million clients that prompted Nexo to integrate Koinly’s seamless tax reporting services.
"We at Nexo are acutely aware of the challenges our clients face in navigating the complexities of crypto taxation. The recent upscale of the Nexo Exchange warrants an easier tax reporting process via our platform. Giving clients the option to make many, complex transactions, we’re duty-bound to ensure a smooth way for them to take profits and report earnings. Our partnership with Koinly is a reflection of our dedication to providing holistic financial solutions. This integration empowers our clients to make informed financial decisions, reinforcing our commitment to fostering a compliant, secure, and user-friendly financial ecosystem,” said Antoni Trenchev, Co-founder and Managing Partner of Nexo.
Adam Saville Brown, Head of Partnerships at Koinly, hails the partnership as a win for global cryptocurrency adoption, saying, “We’re proud to already service the tax needs of over 1 million crypto investors worldwide. 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.
”Nexo's partnership with Koinly represents a milestone in its ongoing effort to provide user-centric solutions in the cryptocurrency space, spurring the industry closer to mainstream adoption and easy-to-implement compliance starting at a user level. To further the benefits of the new integration, Nexo will also release a series of educational materials for cryptocurrency tax reporting to its users, highlighting the company’s unwavering commitment to democratizing access to the industry.
About Nexo
Nexo is the world’s leading digital assets institution. The company’s mission is to maximize the value and utility of digital assets by offering a comprehensive suite of products that include advanced trading solutions for retail and institutional clients, aggregation of liquidity from leading venues, and tax-efficient asset-backed credit lines. In 2022, the enterprise launched its investment arm Nexo Ventures, which now boasts over 60 portfolio companies. Nexo has processed $130+ billion for 6,000,000+ satisfied users across more than 200 jurisdictions.
Media Contact for Nexo
The Nexo PR Team: [email protected]
About Koinly
Koinly is a crypto currency calculator trusted by over 1 million crypto investors in over 20 countries. Koinly integrates with 750+ exchanges, blockchains, and wallets to give investors an easy and accurate way to track their crypto transactions in one place. From here, Koinly calculates the total capital gains and income an investor has derived from their crypto in any financial year.
https://koinly.io/
Media contact for Koinly
Adam Saville Brown, Koinly Head of Partnerships: [email protected]
