The premier digital assets institution, Nexo, has announced its strategic merger with Koinly, an innovative crypto tax software solution, as a critical step toward meeting the growing need for reliable crypto tax reporting solutions. The partnership was created in direct response to the industry’s demand for more efficient, smooth financial statement production and tax reporting tools, especially in light of the approaching tax season. It goes live on Thursday, November 30—just in time for tax season 2023.
The integration is evidence of Nexo’s inclination for smooth operations and Koinly’s well-established reputation in the cryptocurrency world. With a single click on the Transactions section of the Nexo app, customers can effortlessly produce Koinly tax forms and reports that are customized to their transaction history, unique tax regulations, and fiscal responsibilities thanks to the user-friendly design. Koinly’s specialist solution gives Nexo customers access to personalized by-country tax reports for over 100 countries, as well as customizable account reports.
Up to 800 transactions per year will have free tax reports on Nexo accounts, which will streamline tax compliance, remove the possibility of human error, and save customers’ time. A significant 30% discount on Koinly’s services is being offered by Nexo to customers whose transaction volumes exceed this cap for the total amount of transactions.
Despite having its origins in cryptocurrency-backed credit, which in certain cases does not result in a taxable event, Nexo has throughout the years developed a 360º offering that includes many additional capabilities for its exchange, including Dual Investment, Futures Trading, Trigger Swaps, and several more. Koinly’s smooth tax reporting services were integrated by Nexo as a result of its exchange offering expanding and feedback from its six million customers.
Antoni Trenchev, Co-founder and Managing Partner of Nexo stated:
“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, stated:
“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.”
A significant step in bringing user-centric solutions to the cryptocurrency field and advancing the sector toward easy-to-implement compliance that starts at the user level is what Nexo’s relationship with Koinly represents. In order to maximize the advantages of the new association, Nexo will also provide its customers with a number of educational content on crypto tax reporting, emphasizing the company’s steadfast dedication to democratizing access to the sector.
