Institutional-grade crypto accounting platform Cryptio has raised $10 million in a Series A funding round led by European venture capital firm Point Nine. The capital will go towards hiring, product development and expanding offerings to publicly traded companies and institutions, according to a press release provided to CoinDesk.
Other participants in the round included BlueYard Capital, Alven, CoinShares, Avantgarde Finance, Protocol Labs and Draper Associates, among others.
The Cryptio accounting and reporting platform was set up to help financial institutions, corporations and crypto-native businesses create auditable records from fragmented decentralized finance (DeFi), custody and exchange data for the purposes of accounting, treasury and tax filings. The collected data can be connected to the customer’s traditional accounting software like Xero or QuickBooks.
Cryptio’s service includes a cross-chain blockchain data layer with a reporting layer built on top, founder and CEO Antoine Scalia told CoinDesk in an interview. The new funding will help build out the blockchain data and scale the reporting layer to work for the largest institutional investors who need to automate accounting and tax reporting in the space.
The company client list includes more than 200 crypto-native firms, including MetaMask creator Consensys, open-source liquidity protocol Aave and virtual gaming world The Sandbox.
In the near term, Cryptio plans to release a reporting module for impairment testing – an accounting procedure that checks whether an asset has drastically dropped in value. On the blockchain side, the firm will release more complicated DeFi tracking, said Scalia.
“A back-office infrastructure designed for crypto is one of the most critical yet still missing infrastructures in order to enable broader corporate adoption of token-based financial products,” said Point Nine partner Louis Coppey in the press release.
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