The Future of Finance: How Syla Uses Bitquery Data for Crypto Tax Solutions

Background

Syla is Australia’s leading tax software for crypto investments. As a crypto tax software provider, Syla has a need for complete and accurate transaction history imports, which are then utilized for generating tax reports.

Facing an increasing demand for accurate on-chain transaction reporting, Syla sought to enhance its crypto tax calculator to provide comprehensive support for additional blockchains.

Challenge

The primary challenge was the complexity and variability of blockchain transactions. Syla needed to extract detailed transaction data across multiple blockchains, in a standardised format that could scale, but still ensure the accuracy of tax calculations and compliance with Australian tax regulations.

Solution

Syla partnered with Bitquery, leveraging its advanced blockchain data API. Bitquery’s API provided Syla with granular data on cryptocurrency transactions, including historical transaction records, wallet addresses, and token transfer details across various blockchains. This integration enabled Syla’s software to automatically categorise transactions and calculate tax obligations accurately.

The main benefits of the Bitquery API for the application included:

• Customized queries using GraphQL

• Access to decoded logs

• Support for internal transactions along with ERC20, ERC721, and ERC1155 transactions.

• Ability to identify tokens and NFTs.

This integration provided the necessary tools to enhance and scale up Syla’s tax software to support on-chain sources of transaction data.

Implementation

The integration process involved setting up Bitquery’s GraphQL APIs with Syla’s existing systems. Syla’s development team utilised Bitquery’s comprehensive documentation and interactive tools to customise the data queries to fit their specific requirements.

Results

The implementation of Bitquery’s APIs transformed Syla’s crypto tax software, making it more robust and user-friendly. The software now supports multiple blockchains, providing users with precise tax reports, tailored to each user’s transaction history. The enhanced software significantly reduced errors and saved time for users by automating the complex process of tracking and reporting cryptocurrency transactions.

Customer feedback

Syla’s customers have appreciated the simplicity and effectiveness of the software. The comprehensive features powered by Bitquery have made it easier for users to manage their tax obligations without needing to understand the complexities of blockchain technology.

Conclusion

Syla’s utilisation of Bitquery’s blockchain data APIs highlights the benefit of strategic partnerships in the industry to address complex challenges. Through this collaboration, Syla has not only enhanced its software offering but has also positioned itself as the leading Australian crypto tax calculator.

Curious about how Bitquery APIs can supercharge your crypto software development? Get in touch with us today!