How to handle ICOs?

Koinly Support
#1

There is a way to handle properly ICOs with pools ?

There is two kind of transactions in this kind of ICO:
(1) You send crypto to someone (one or several transactions)
(2) You receive crypto from someone (one or several transactions)

The (1) transactions are seen as payment or cashout.
The (2) transactions are seen as crypto deposit.

There is a way to link the crypto spent in the (1) transaction as a purchase of the crypto receives in the (2) transactions ? Maybe I miss something but it looks like the only feature missing in this awesome app.

Thanks and bye.

#2

Hi, you can edit the second transaction to be a trade and set the left side to be same as the first transaction.

#3

Thanks I will do that.

And what about the first transaction ? It’s still tagged as cashout.

No way to easily “bundle” all transactions involving a unique ICO ?

#4

This is another way. I would be interested in Koinly’s view on the legalities of it.
Create a new wallet for the ICO, say “Coin XXX ICO Wallet”, and enter 3 transactions via csv

  1. Receipt of crypto on the date that you sent the ETH. For example 3 ETH
  2. Trade on a date between steps 1 and 3. I prefer the date of step 1 so that the cost base of the new coin is the same as the value of the ETH when you sent it… For example Send 3 ETH, Receive 100 XXX
  3. Send crypto on the date you received the new coin into your wallet. For example, 100 XXX

This results in one trade and 2 transfers (the send and receive should match up with the receipt and send in your normal wallet). The cost base is correct and it is easier to track the flow of crypto.

#5

@Tomate The first transaction can be marked as Ignored (if it doesnt disappear automatically). If there was a long time difference between the sending and receiving transactions then you should also change the value of the new transaction to be market value of the ETH on the date you participated in the ICO. By default it will use the date at the time of the transaction.

@Mogli This would be a longer way of getting the same outcome, you wont have to set the market price manually this way though.

We are working on a feature that will allow you to select two transactions and turn them into an ICO or trade automatically.

1 Like
#7

Hi Koinly

Any update on this feature please?

Thanks!

#8

Has this been done or is the current solution still the first reply in this thread?

#11

Hello Koinly,
your post is almost two years ago, is there an update on this feature by now or has it already been implemented?

#6

Yes please. That would be cool!

1 Like
#9

Any update on that feature?

#10

I’m wondering if the following would be a good way to handle this, as I invested in an ICO this year and am also wondering how to log this.

I paid 296 SCRT in exchange for 3022 ALTER (at the time of purchase this was valued at $1600). I am thinking I add those initial transactions into Koinly and mark as a trade with a value of $1600. I then sent ALTER to the Pool and as the tokens are released, move that amount from the Pool back into my wallet.

I think this would work…? The only issue I have with this, is the ALTER token is not in Koinly’s database.

#12

Hi All,

Thank you for your patience with us. We have some resources here on how to enter ICO transactions in Koinly.

Hi @Dom_Murphy you mentioned that the ALTER token you bought is not in Koinly, so you can use NULL as placeholder, and you’ll be good to go. :raised_hands:

Have an awesome day!

#13

Hi Micheal,

thanks for your reply!
I’ve already read the instruction and watched the video attached to it you mentioned in your link before. It is for sure a way to handle the ICO transactions, but what happend to the developement mentioned here in the chats earlier, that your are planing to have a tool which will link / map all the ICO transactions automactly?
Would still be great to have an option to link several transactions to one ICO, espacially in the case when you took part in an ICO an will not be getting the new coins in one transaction, but in multiple transactions across several months (due to vesting).

Could you let us know, if this tool is still under developement for the future?

Thanks in advance!

#14

Hi @T4ndao and crew,

Pardon my delay in response! We certainly do still have plans to develop this feature/tool. It’s for sure a popular one we want to make available asap. I don’t yet have an ETA, though some aspects will allow investors to receive all coins at once, and will be able to link money sent to pool, and coins received from pool. Also considering a section to add staking and/or pool addresses.

There would also be the option to connect ICO allocations to buy date, and add tags for ICO purchases and ICO allocation received.

If anyone here would like, please contact our support team to inquire about receiving notifications for when these features are complete, and ready to go! :raised_hands:

Have an awesome day.

Best regards,
Michael