Nexo, a prominent digital assets institution, has announced a strategic partnership with Koinly, a leading crypto tax software provider. This collaboration, effective from November 30, 2023, aims to streamline the process of crypto tax reporting and financial statement preparation, marking a timely development for the upcoming tax season.
It is also important to know that this integration allows Nexo users to effortlessly generate tailored tax forms and reports, catering to their specific transaction histories and tax obligations. This feature is easily accessible through the Transactions section of the Nexo app.
Enhanced tax reporting experience for Nexo users
This integration is particularly significant as it offers Nexo clients the ability to access custom by-country tax reports for over 100 jurisdictions. The service simplifies tax compliance by automating the generation of accurate tax reports, reducing human error, and saving time. Nexo users can avail of this service for up to 800 transactions annually at no cost. For clients exceeding this transaction volume, Nexo will offer a 30% discount on Koinly’s services.
Again, this partnership responds to the growing demand for efficient crypto tax reporting tools and reflects Nexo’s commitment to addressing the needs of its 6 million-strong client base.
Nexo’s recent expansion in exchange offerings, including features like Dual Investment, Futures Trading, and Trigger Swaps, underscores the need for such integrated tax reporting solutions.
A step forward in crypto financial services
Antoni Trenchev, co-founder and Managing Partner of Nexo, emphasized this integration’s importance, stating, “The recent upscale of the Nexo Exchange warrants an easier tax reporting process via our platform. Our partnership with Koinly reflects our dedication to providing holistic financial solutions and empowering our clients to make informed financial decisions.”
Also, Adam Saville Brown, Head of Partnerships at Koinly, echoed these sentiments, highlighting the partnership as a milestone for global cryptocurrency adoption and the simplification of crypto taxation. The collaboration aligns with Koinly’s mission to service the tax needs of crypto investors and with Nexo’s innovative approach in the crypto financial services sector.
Additionally, Nexo plans to release educational materials on cryptocurrency tax reporting, further solidifying its commitment to democratizing access to the industry.
Nexo has processed over $130 billion for over 6 million users in over 200 jurisdictions. The company offers a comprehensive suite of products, including advanced trading solutions and tax-efficient asset-backed credit lines. Koinly, on the other hand, is a trusted crypto tax calculator, catering to the needs of over 1 million crypto investors across 20 countries and integrating with more than 750 exchanges, blockchains, and wallets.