Nexo users are awakening to the news that their favorite trading platform has been enhanced by the integration of tax calculation software. While not as exciting as their portfolio pulling a 2x, the integration of Koinly is almost as valuable since it spares crypto investors from all manner of complications come tax submission day.
Koinly is the best known and most widely used tax service in the industry, relied on by everyone from sole traders to professional firms. Its ubiquity owes much to the vast number of exchanges and wallets it has been added to, allowing tax to be calculated automatically with minimum effort. Given the number of different crypto assets, categories, and trading types now on the market, this is a godsend for traders who spend enough time screen-gazing as it is.
Nexo Throws Its Users a Bone
Nexo has been quietly adding features all year to its mobile app and web platform, demonstrating that the former crypto credit startup is now a full-blown exchange powerhouse. The recent introduction of simplified futures trading provided clear proof of this. While the integration of Koinly’s tax calculator will capture less headlines, its utility is indisputable.
“We’re proud to already service the tax needs of over 1 million crypto investors worldwide,” said Koinly’s Adam Saville Brown. “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.”
With Koinly supporting over 100 jurisdictions where crypto is taxable, it should cater to the needs of most Nexo users. The crypto exchange and digital asset management platform counts over 6 million users from more than 200 countries. In addition to private clients, Nexo provides services to institutions and family offices. While crypto lending and borrowing remains a pillar of its product line, the Nexo platform is now synonymous with trading.
Nexo supports more than 60 crypto assets which cover such verticals as Layer1s, Layer2s, DeFi, and stablecoins. Aside from the usual blue chips such as BTC and ETH, as well as the NEXO token, there’s access to lower cap coins like BAL, KSM, and ENS. Thanks to Nexo’s crypto lending service, users can also increase their capital by depositing assets and then borrowing against them.
Tax in 20 Minutes
Koinly claims to be able to generate its users a tax report in 20 minutes. Not only does its service save users time, but it can save them money too by legally reducing their tax burden in some cases. Determining one’s tax bill each year can be complex when interacting with crypto rails, particularly given the number of exchanges and chains the average user now trades on.
For Nexo customers who rarely stray elsewhere for their needs, Koinly’s integrated service should do the trick: up to 800 transactions are covered for free. Users executing a higher number of trades or trading across multiple platforms have the option of upgrading to a paid plan, with Nexo promising a 30% discount through its partnership with Koinly.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
