Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated Feb 5, 2024
This article has been fact checked and reviewed as per our editorial policy.

Radix and Koinly Team Up to Solve Crypto Tax Nightmare

Handling crypto taxes is now simpler with Koinly's new partnership with Radix, a layer 1 smart contract platform. This collaboration brings straightforward solutions for tax reporting by integrating Radix with Koinly's tax calculation services.

Koinly is excited to announce the successful integration of Radix into Koinly. Radix is designed to offer a radically better user and developer experience, essential for your friends and family to be confident using Web3 and DeFi.

What is Radix?

Radix introduces several innovations, including a unique transaction model called the Transaction Manifest that is human-readable and addresses issues in user experience and security, such as blind signing. The Radix Wallet will soon enhance security by implementing multi-factor authentication and recovery options, moving away from users’ sole dependence on seed phrases. For developers, Radix introduces an "asset-oriented" approach with its Scrypto programming language and Radix Engine execution environment, which elevates developer productivity and dApp security with native features for tokens, NFTs, and permissions.

The Radix ecosystem witnessed a significant milestone with the Radix Babylon Mainnet Upgrade launch in September 2023. Over a dozen projects, including CaviarNine, Ociswap, and DefiPlaza, have since deployed to mainnet; collectively surpassing $20m in Total Value Locked (TVL) per DeFi Llama. Many new projects are soon poised to launch to take advantage of the unique user and developer experience and enhanced security features offered by Radix.

RDX Works, a core developer behind the Radix protocol, has recently facilitated several notable partnerships and integrations, collaborating with organizations such as Hacken, SupraOracles, and Grove (POKT Network). The Koinly integration empowers users of Radix DeFi to automate their tax and accounting needs.

To start using Radix you can download the Radix Wallet here. For developers, you can get started with Scrypto here.

Easily calculate your Radix taxes with Koinly

You can easily link your Radix account to Koinly using an API. This method automatically updates your transactions in Koinly, keeping your tax information current without manual effort. For legacy users who had Olympia accounts and need to calculate their tax obligations for transactions earlier than September 28, 2023, users can upload a CSV file of their Olympia transactions.

API connection

The API connection is straightforward. It simplifies syncing your Radix transactions with Koinly, ensuring that your tax reports are accurate and up to date. This secure method means Koinly can only read your transaction data, without making any changes. All you need to do is add your public address to Koinly.

CSV connection

For users with Olympia transactions (earlier than Sept, 28, 2023) you can export a CSV file of your transactions from the Olympia blockchain explorer and upload this file to Koinly to import your transaction history. If you're lost, or can't remember your Olympia address - dont' panic, we've got a step-by-step guide to help you figure it out. Read our guide on connecting Radix to Koinly.

Less stress at tax time

Radix and Koinly's partnership is a big step forward in making crypto taxes less of a hassle. It's not just about making tax season less stressful; it's about making crypto finances easier to manage for everyone.

Banner prompting investors to connect Radix with Koinly

The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.