125+ placements in three years
Drove highly qualified website referral traffic
Sovos’ SMEs became go-to-sources for crypto tax topics
Diving Into The Murky Waters of Crypto Compliance
Prior to 2016, the IRS was quiet on cryptocurrency taxation. But that year it issued its first – albeit very unclear – guidance. Sovos, a global leader in tax compliance software, saw a new market opportunity. It’s product team adapted Sovos’ solutions for crypto exchanges to help platforms and their investors begin reporting digital currency gains/losses.
However, at that time, the alternative investing community was fairly unaware that the IRS was beginning to crack down. So Sovos needed to capture the attention of an unknowing market – and fast – so it could be the first tax compliance solution to plant its flag in the virtual currency space.
Educating Investors On Crypto Reporting Challenges
Alloy helped Sovos go to market with its new solution, collaborating with the client to elevate crypto tax reporting challenges and educate the market on how tax software can minimize investor risk.
A multipronged FinTech PR approach focused on real-time clarifications to IRS guidance, which elevated Sovos’ expertise on crypto tax regulation, as well as the risks associated with non-compliance, which further spotlighted the need for an automated tax solution.
Through earned media, we aimed to educate Sovos’ potential customers – crypto exchanges – while also creating a bubble-up effect among investors who should expect that their respective trading platforms ensure tax compliance.
Quickly Owning the Crypto Tax Reporting Space
Within 12 months, Alloy secured 50 media pieces of crypto-specific coverage for Sovos – a number that ballooned to 125 within three years. Articles ran in national and international finance publications, such as Bloomberg, Forbes, Yahoo! Finance, and more.
In addition, Alloy secured coverage for Sovos in target crypto trades that reached Sovos’ target buyer persona, such as CoinTelegraph, AMB Crypto, and Coin Desk. Combined, these media placements directly referred nearly 100 visitors to Sovos’ website – driving highly qualified leads for the new offering.
By 2021, Sovos had announced that Bistamp, BlockFi, Celsius, ErisX, Gemini, and Paxos were among its crypto exchange customers.