Revolut is leveraging the Koinly partnership to streamline crypto tax reporting for its customers
Revolut, the financial “super app”, is making tax season a little less stressful for its crypto customers with its latest partnership.
Revolut is a UK-based FinTech company that offers various services, such as a mobile app and debit card for global currency exchange, money transfer and purchase of goods and services. Since its inception in 2015, it has expanded its operations to over 35 countries, including Australia, the United States and most of Europe. The company has gained recognition for its innovative features, including cryptocurrency trading and budgeting tools, in addition to its user-friendly interface and low fees. The Revolut app has over 28 million users.
Koinly, founded in 2018, is an online crypto tracking and tax reporting software provider that allows users to calculate capital gains and losses for tax reporting purposes. It automatically imports data from cryptocurrency exchanges and wallets and uses this data to generate detailed tax reports that can be used to file tax returns.
On Thursday (April 27, 2023), Revolut announced a strategic partnership with Koinly. This collaboration aims to streamline the tax reporting process for Revolut’s crypto clients, offering them access to discounted third-party tax reporting services.
The Revolut app allows users to trade from a portfolio of over 100 cryptocurrencies or test trade from over 12 crypto pools. In addition to trading, Revolut also serves as a learning platform for users interested in improving their crypto knowledge. The addition of the tax reporting service strengthens the wide range of offers Revolut extends to its global clientele.
Known for its user-friendly interface, Koinly offers a consolidated report on crypto assets and trading activities across various platforms. The platform’s capabilities extend to reporting transactions involving more than 1,700 tokens, 170 supported blockchains and 100 wallets across 34 markets. This wealth of expertise is now available to Revolut’s customers, simplifying their tax reporting needs.
To access Koinly’s service, Revolut users must navigate to the Crypto section of the Revolut app, register via Single Sign-On (SSO) and sync their transactions. The cost of the service, calculated based on the user’s number of crypto transactions, will be presented at checkout, including a potential discount of up to 60%. Once paid, the user can download the report for use in their tax filings.
Reflecting on this collaboration, Mazen Eljundi, Revolut’s Global Business Head of Crypto, recognized the complexity of cryptocurrency tax filing for many clients. “We wanted a solution that could easily track, consolidate and generate a tax report within minutes,” he said. “We are confident that our partnership with Koinly will make this statutory activity easier and more accessible.”
Jane McEvoy, Koinly’s global head of partnerships, expressed her excitement about the partnership. She said:
“Revolut has made significant strides in improving its cryptocurrency offerings and we are proud to become their exclusive tax partner. Revolut users can now easily access Koinly directly through the Revolut app, streamlining the process of calculating crypto taxes.“
