Nexo, a platform for crypto loans, has integrated Koinly to simplify user tax responsibilities.
Nexo, a lending platform that provides instant crypto loans, has partnered with Koinly to simplify user’s tax reporting
Nexo, a platform that offers instant crypto loans, has partnered with Koinly to make it easier for users to fulfill their tax obligations.
Starting from November 30, 2023, Nexo users will be able to generate personalized crypto tax reports with the help of Koinly.
This collaboration aims to streamline the process of reporting crypto taxes and preparing financial statements.
Through the Nexo app, users can access their transaction histories and fulfill their tax obligations based on their specific needs.
They can also obtain country-specific tax reports for over 100 jurisdictions.
The partnership reflects Nexo's commitment to providing comprehensive financial solutions and empowering clients to make informed decisions.
The service provided by Koinly automates the generation of accurate tax reports, reducing the complexity and potential for human error.
Nexo users can use this service for free for up to 800 transactions per year, and those exceeding this limit can avail a 30% discount on Koinly.
This development follows the launch of Nexo's crypto-powered debit and credit MasterCard for users in the European Economic Area, which offers features to optimize tax responsibilities.
The collaboration between Nexo and Koinly is a significant step towards simplifying crypto taxes, addressing a common challenge faced by users and businesses in the growing Web3 ecosystem.
The pseudonymous nature of crypto assets makes it difficult to track and report gains and losses accurately, especially for Web3 firms that operate across multiple blockchains and wallets.
Adam Saville Brown, Head of Partnerships at Koinly, emphasized the importance of this collaboration in simplifying crypto taxes.
Comments
moosa11
very nice
Helen1988
Nexo is very good for getting a loan with cryptocurrency collateral, but you should keep in mind that if the price of the pledged property is lower than the loan value, your collateral will be confiscated in favor of Nexo.
