Veteran cryptocurrency exchange Nexo inked a long-term strategic collaboration with Koinly, a pioneering instrument for generating tax reports on crypto operations. This announcement lands on the eve of the tax season deadline.
Crypto exchange Nexo starts offering Koinly tax reporting tools
Starting from today, Nov. 30, 2023, cryptocurrency ecosystem Nexo is offering seamless tax reporting and financial statement preparation services by Koinly. Traders can generate the reports in a fully automated manner without previous expertise in finances and bookkeeping.
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 in 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.
Antoni Trenchev, cofounder and managing partner of Nexo, is excited about the scope of opportunties the new collaboration unlocks for traders and investors:
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.
In recent months, Nexo activated an array of modern services, including the likes of Dual Investment, Futures Trading, Trigger Swaps and others.
Koinly platform surpasses one million users
Adam Saville Brown, head of partnerships at Koinly, is sure that the Nexo integration is set to accelerate global adoption of cryptocurrency solutions:
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 the user level.
As covered by U.Today previously, Koinly is a notable Web3 innovator: its platform for cryptocurrency taxation made working with crypto safer and more regulatory compliant for the customers of various blockchain firms.