Rainbow is an Ethereum-style wallet, on phones and as a browser extension, covering a couple of dozen networks including Base, Optimism, Arbitrum, Polygon and a long tail of smaller ones.
Connecting it is the easiest job in this whole catalogue: one address covers everything. There is no separate address per network, so you paste once and you are done.
The catch is on the other side. Rainbow has grown into a trading app, with leveraged positions, prediction markets and a rewards token paid out for trading. Those generate taxable events that look nothing like a trade when they happen.
What you get out of the box
Pick your import method.
On Rainbow
- Open Rainbow and copy your wallet address.
- That single address covers every network Rainbow supports, so there is nothing else to copy.
- If you hold more than one wallet in the app, copy each one's address.
On Kryptos
- Go to Kryptos.io and sign up with your Google account.
- From the menu, click Integrations.
- Click Add Integration and search for Rainbow.
- Click the Rainbow icon, then choose Import using Address.
- Give the wallet a name, paste your address, and click Import Your Transactions.
The easy part and the hard part
Rainbow is the simplest wallet here to connect. One address, every network, done. No per-chain hunting.
What makes it harder than it looks is what the app has become. It is no longer just somewhere to keep tokens: there are leveraged positions on gold, oil and stock indexes, prediction markets, and a rewards token you earn by trading and can stake for more.
Every one of those is a taxable event, and none of them feels like one. People report their swaps and forget the rest. Get the address in, then check the report covers the trading products too. For how derivatives and token rewards are treated where you file, see the USA crypto tax guide or the UK crypto tax guide.
Manage your Rainbow portfolio with Kryptos.
One address, a lot of networks
Rainbow covers well over twenty networks from a single address, including small ones most tools ignore. Activity on an obscure network still counts, and missing it produces a wrong cost rather than an obvious gap.
Rewards paid for trading
Staking RNBW pays back a share of your swap fees in RNBW. That is income arriving, and it starts a new holding with its own cost.
Leveraged positions that settle
Rainbow sells leveraged positions on things like gold and stock indexes. Closing one is a disposal, and derivatives usually follow different tax rules from ordinary trades.
Audit-ready, automatically.
Once your wallets and exchanges are connected, generating a tax report takes a single click. Open Reports from the menu, choose your jurisdiction, and download.
Cashback in tokens is income
Fee cashback paid in RNBW counts at its value on the day it arrives, and that value becomes the cost you measure against when you sell it. It is not a discount.
Perps follow different rules
Leveraged positions on commodities or indexes are usually taxed differently from buying and selling crypto. Flattening them into trades gets the treatment wrong.
Prediction settlements are events too
A prediction market position that resolves has produced a gain or a loss, whichever way it went.
Small networks still count
A swap on a network almost nobody indexes is still a disposal. It does not become untaxable because the chain is obscure.
Read-only by design.
- Kryptos only ever needs your public wallet address
- A public address is read-only. It can't move or spend anything
- We never ask for your recovery phrase or private key
- Remove a wallet whenever you like, and its data goes with it
If something doesn't sync.
Check which network it happened on. Rainbow supports a long tail of smaller networks, and those are the ones most likely to be missed.
Each has its own address. Copy them all.
Token rewards arrive in your balance without an obvious receipt. They are income at the value they had on arrival.
Still stuck? Email support@kryptos.io or open live chat from the app.