Lykke Partners with CryptoTax, Opens Office in Mexico
Swiss blockchain trading platform Lykke has teamed with CryptoTax to provide its customers with country-specific tax reports.
Founded by Richard Olsen of OANDA.com, Lykke is building a secure global marketplace for the exchange of all financial assets. The Lykke Exchange intends to level the financial playing field through direct ownership of assets and immediate settlement of trades.
A brand that’s part of Munich-based 21 Consulting GmbH, CryptoTax offers tax reporting solutions and other regulatory declaration services for customers of cryptocurrency exchanges and users of blockchain assets to help comply with the law of their state of residence. CryptoTax has a strategic alliance with KPMG to get access to its worldwide network of tax and legal experts and to ensure constant coverage of the current of legislation in each country.
Under the partnership, CryptoTax will provide Lykke cryptocurrency traders with tax reports tailored for their specific countries.
Richard Olsen said the partnership is one more step along the way toward making blockchain-based trading a viable alternative to traditional markets.
“It is essential for us to be able to offer a wide range of reporting and declaration services,” said Olsen. “Transparency is one of our foundational values: trust among our user base, and openness to regulatory authorities. CryptoTax’s strategic thinking demonstrates their shared commitment to these goals.”
21 Consulting CEO Klaus Himmer said that tax reports are already market standard and will also help companies operating in the field of cryptocurrencies to reach a broader market acceptance while differentiating from other providers.
“We are very pleased Lykke chose us to support them to manage the increasing demand of country-specific tax reports,” said Himmer. “We are sure that the cooperation will help both parties to foster their strong market position and help them to drive the market acceptance of blockchain based financial instruments.”
Lykke also announced the opening of Lykke de México S.A. de C.V., a Mexican subsidiary designed to bring the Lykke trading platform to the Latin American market.
Lykke de México is the direct result of Lykke Streams, its platform for crowdsourcing contributions to projects. A project called “Set up a new Lykke venture in your city”, posted by Olsen, brought the team that would eventually become Lykke de México to the attention of senior leadership.
“We are thrilled to be in Mexico,” said Erwin Fedier, CEO of Lykke de México S.A. de C.V. “As the first carrier to serve Latin America directly, we are making the global marketplace available to millions of people. Projects for our first institutional clients are already underway. We are also localizing our Lykke wallet app, and we are getting ready to trade in Mexican pesos. The Lykke hallmarks of instant settlement and zero commission will, of course, be an integral part of our operations.”
