Nikolas Sargeant
Nexo, the leading digital assets institution, announced on Thursday, November 30th, that it has integrated with Koinly, an innovative crypto tax software solution.
In a press release shared with Cryptowisser, Nexo said the integration with Koinly 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.
Furthermore, this latest development showcases 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.
Nexo said tax reports on its platform will be available to users at no cost for up to 800 transactions annually. This latest development simplifies tax compliance, eliminates the chance for human error and saves 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.
While commenting on this latest development, Antoni Trenchev, Co-founder and Managing Partner of Nexo, said,
"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.”
Adam Saville Brown, Head of Partnerships at Koinly said the partnership is a big boost for global crypto adoption. He added that,
“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.”
The partnership between the two entities signifies a milestone in Nexo’s 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.
Nexo said it will release a series of educational materials for cryptocurrency tax reporting to its users.
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.
Meanwhile, Koinly is a cryptocurrency 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.
