Hi HODLers and Hiveans,
Revolut has been a very successful FinTech in Europe. It is UK based but has been the main FinTech along its German competitor N26.
They allowed almost anyone to get an online banking account with a creditcard that you can use almost anywhere for literally no fees!
They have developed some easy ways to invest through their app. You can invest in stocks, gold, currencies and... cryptocurrencies!
They also rapidly implemented a staking service for some cryptocurrencies such as ETH, ADA, Polkadot, etc...
Today, we are learning that Revolut has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses.
Revolut is serving 28million users across several jurisdictions and has been offering crypto-related investments since 2017!
Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations.
Koinly' Head of Tax Danny Talwar added:
“Many crypto traders have multiple exchanges and wallets, meaning keeping tax records are a nightmare. With strict and onerous record keeping requirements globally, crypto tax software saves time and automates tax reporting.”
I have to agree that it will make Revolut's user life easier and is needed from CEX. When I trade on my broker's account, I get a document every year telling me what I should report on my yearly taxes. Easy, peazy!
Stay safe out there,
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