Trust Wallet Users Can Now File And Report Taxes In A One-Click Process
- Trust Wallet announces partnership with three crypto tax platforms; Coinpanda, Koinly, and Cointracker.
- The partnership will see Trust Wallet integrate the tax tools into the wallet.
- Users will receive discounts on their tax reports and filing.
One of crypto’s most famous self-custodial wallet and multi-chain mobile wallet, Trust Wallet, has announced the integration of three tax tools on its platform. In an announcement this Monday, Trust Wallet will integrate Coinpanda, Koinly, and CoinTracker to provide users with a simple, affordable and convenient crypto tax reporting tool.
As one of the largest self-custody wallets in Web 3, Trust wallet allows users to participate in decentralized finance (DeFi) platforms seamlessly, and the latest integrations further this goal. The integrations have been introduced as users enter the tax season, helping them get an idea of their tax liabilities and generate tax reports in just one click.
“We are very excited about our partnership with Trust Wallet […]. Users can easily calculate their taxes in time for the upcoming tax season,” said Jane McEvoy, Global Head of Partnerships at Koinly.
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In addition, users will also be provided with free comprehensive insights and reports on their crypto holdings and investments, which helps them understand their assets even if they do not need to file taxes, as Eric Chang, Trust Wallet’s Head of Product, explained.
“Our free insights report offers a comprehensive overview of a user’s crypto holdings, which can be just as useful for those who don’t want to file taxes,” he said. “We’re committed to making the Trust Wallet experience as seamless as possible for our users. With this new feature, we’re taking another step towards empowering our users with insights and simplifying the crypto tax reporting process.”
The latest partnership follows the constant complaints from crypto users who can not file taxes due to a lack of know-how or the complexities involved in taxing cryptocurrencies. Users on the platform will not need to input any information manually but, via a one-click function, get their complete tax reports at their fingertips. The feature serves as an optional reference tool to help users more easily comply with tax regulations in different regions.
“We believe that everyone should be able to easily and accurately report their cryptocurrency taxes, regardless of their level of expertise,” said Eivind Semb, CEO and Founder at Coinpanda. “Together, we are making tax reporting accessible to everyone in the cryptocurrency community.”
Finally, Trust Wallet users will be eligible for discounted prices to use the tax tools and generate tax reports. By using any of the three partnering firms, Trust Wallet users will receive more affordable prices, and discounts will also be offered to holders of 50 $TWT and above.