Revolut taps Koinly for crypto tax reporting service
“Revolut has made substantial strides in enhancing its cryptocurrency offerings, and we are proud to become their exclusive tax partner – a move that further bolsters their already robust value proposition.”
Revolut has announced a partnership with crypto tax reporting service Koinly to provide users with access to an external tax reporting service at discounted prices, and to take another step forward toward its mission to build the first super app for all-things-money.
The partnership makes tax reporting less stressful and time-consuming as well as more accurate compared to manual calculations. Revolut users can report their crypto income tax with Koinly to reduce friction.
Koinly supports tax reporting of over 1,700 tokens
The firm added that it is not only easy to use, but also enables a consolidated report that integrates the crypto assets and trading activities held with other platforms.
Koinly has the expertise to generate reports integrating transactions with 1,700+ tokens, 170+ supported blockchains, 100+ wallets and is available in 34 markets.
Revolut supports the acquisition and sale of tokens from a portfolio of 100+ cryptocurrencies. Users can also test and trade 12+ Crypto Collections and use the super-app to increase their knowledge of crypto, with Learn & Earn.
The crypto tax reporting feature is accessible in the Crypto section of the Revolut app, accessible after completing the sign-up process through SSO (Single Sign-On).
After synchronizing the transactions made through Revolut, the customer will have to review the reported transactions and, at check-out, will be informed of the cost of the service.
The final price paid by a customer will vary depending on the number of crypto transactions done with Revolut or other crypto platforms selected by the customer, including a generous discount of up to 60%. Once the report is paid for, and downloaded, the customer will be able to use it to complete their tax filings with the relevant tax authorities of their jurisdiction.
“Empowering Revolut customers to meet their tax obligations”
Mazen Eljundi, Business Head of Crypto at Revolut, said: “Filing taxes for cryptocurrency and other digital assets is a challenge for many of our customers. We searched for a solution that would seamlessly track, consolidate, and generate a tax report in a matter of minutes, in order to meet our customers’ needs. We are confident that the crypto tax service offered through our partnership with Koinly will make this legally required activity easier, less stressful, and more accessible to all. We want to be the most responsible provider of crypto services, helping our users to onboard to web 3 whilst building a safer and compliant eco-system in the crypto industry. Compliance with applicable requirements is at the heart of everything we do at Revolut. This is a significant step towards empowering Revolut customers to meet their tax obligations”.
Jane McEvoy, Global Head of Partnerships at Koinly, said: “We are absolutely thrilled to join forces with Revolut, marking our collaboration with a leading global financial superapp. Revolut has made substantial strides in enhancing its cryptocurrency offerings, and we are proud to become their exclusive tax partner – a move that further bolsters their already robust value proposition. Revolut users can now effortlessly access Koinly directly through the Revolut app, streamlining the process of calculating their crypto taxes.”
