WOO Network Partners with Koinly to Tackle Crypto Tax

WOO Network and crypto tax platform Koinly have announced an exclusive partnership to aid WOO Network users worldwide in calculating and reporting their crypto taxes.

WOO Network users can easily connect to Koinly via API using their public address. Once connected, the API will return the user’s transaction data, allowing Koinly to identify taxable transactions and calculate gains, losses and income from WOO Network trades before generating a variety of crypto tax reports to help investors file with their country’s tax offices quickly and easily.

“Our partnership with Koinly is aimed at providing an end-to-end user experience on the WOO Network. Filing taxes can be tedious because every jurisdiction has its own set of rules, especially when calculating earnings from crypto trading. Traders will be able to generate their crypto tax statements seamlessly using the Koinly API on WOO X. These downloadable reports are already in a format that follows the requirements of tax authorities. This partnership comes at a perfect time when our user base is growing and having more requirements for their new trading platforms,” said Mitchell Nicholson from WOO Network Ecosystem.

This partnership will come as a relief to many crypto investors, as tax offices globally continue to pressure crypto investors to report their gains and income from investments accurately.

Jane McEvoy, Global Head of Partnerships at Koinly, said: “Koinly and WOO Network’s partnership will help users navigate their crypto taxes in a fraction of the time it would take to do it themselves. WOO Network users can use the Koinly API to fetch their transaction history automatically.”

“Once connected, Koinly will calculate the user’s crypto tax liability, including their gains, losses, income, and more. Koinly can then generate a variety of tax reports for users based on their location settings, including the IRS Form 8949 & Schedule D, the ATO myTax Report, HMRC Capital Gains Summary, and many more, so when the tax deadline comes around, all WOO Network users need to do is download their crypto tax report.”