We're excited to announce a partnership with XPlace, Solana's first true crypto credit card.

XPlace is a decentralized finance (DeFi) app and crypto-backed credit card, built around a simple idea: your crypto should work for you without forcing you to sell it.

Their crypto-backed cards let you borrow against your holdings and spend in everyday currency, so your portfolio stays intact and your long-term position stays on track. You deposit your assets, borrow against them, and spend, while your crypto stays yours and keeps earning.

What is XPlace?

XPlace is built on Solana and works in over 160 countries. Instead of selling your crypto to fund everyday spending, you deposit assets into a non-custodial savings hub, designate them as collateral, and borrow against them. The borrowed funds go on the card, your holdings stay put, and you repay on your own terms.

That flips the usual trade-off of spending your crypto. Selling means giving up your position, realising any gain, and watching the market move on without you. Borrowing keeps your position intact while still letting you use the value you've built.

Why this matters at tax time

Selling crypto is a disposal, and a disposal is usually a taxable event. In Australia, every sale, swap or spend of crypto is a capital gains tax (CGT) event, and if the asset has gone up since you bought it, you owe tax on the gain. Funding a holiday by selling Bitcoin can quietly create a tax bill months before you realise it.

Borrowing against your crypto to spend is not a sale, so it generally doesn't trigger capital gains tax. The asset never leaves your ownership, no disposal happens, and no gain is realised. It's the same logic that applies when you borrow against a house: the loan isn't income, and the asset isn't sold.

But "no disposal" doesn't mean "no record-keeping." Borrowing, collateral movements, interest, and rewards all still need to be tracked correctly, and that's where Summ comes in. 

• Collateral movements. Moving assets into and out of a collateral position needs to be recorded, and the treatment can depend on how the platform structures the arrangement.
• Interest and fees. Whether borrowing costs are deductible depends on what the borrowed funds were used for, so the records need to exist either way.
• Rewards and cashback. Points, cashback and yield earned along the way may count as assessable income.
• Liquidations. A liquidation is a disposal. Collateral sold to cover a position is a CGT event like any other sale.

Summ connects to your wallets and exchanges, untangles every transaction, and gives you a defensible tax report, so you can use tools like XPlace with confidence that your tax position is accurate.

Getting started is simple

XPlace users can now jump straight into Summ from the membership tab. From there:

1. Open the membership tab in your XPlace account and choose Summ.
2. Connect your wallets and exchanges.
3. Let Summ do the heavy lifting.

Every transaction is categorised, every gain and loss is calculated, and your tax report is ready when you need it. Summ supports hundreds of wallets, exchanges and blockchains, so whether your activity sits across a few accounts or dozens, it all comes together in one place.

Connecting your accounts to Summ is read-only. We can see the transaction history needed to calculate your taxes, and nothing more. Your funds stay where they are, fully under your control.

Spend smarter, stay tax-ready

Spend smarter with XPlace, and stay on top of tax with Summ.

Xplace users get 30% off their first year* with Summ.

*New users, first year only.