Products: Cryptio Ionic
Overview: Co-founded by current CEO Antoine Scalia, Cryptio is a financial data analysis tool for cryptocurrencies. It helps CFOs, treasury managers and certified public accountants (CPAs) automate accounting, bookkeeping and tax reporting for their digital assets. The tool consolidates all cryptocurrency transaction data from multiple wallet and exchange sources and translates it into data usable for accounting and financial analysis.
The solution, named Ionic, aims to bridge the technical gap between on-chain activity and existing accounting systems such as Xero and QuickBooks. It works by offering:
- ‘One ledger of truth’, importing transaction data from, for example, institutional custodians, exchanges, OTC desks, on-chain wallets, smart contracts, DeFi and CeFi
- Crypto-to-fiat valuations, with prices sourced directly from exchanges, at the exact time of the transaction, facilitated by partner Kaiko
- Automating rules-based contacts and smart contract IDs, transaction labelling, cost basis (first in, first out [FIFO] and weighted average cost [WAC]), unrealised gains and loss reporting
- Chart of accounts mapping and sync with existing traditional systems
As a provider of back-office infrastructure, Cryptio has direct relationships with Layer 1 blockchain foundations (those designed to improve the base protocol). With many applications built around these foundational blockchains, notably in the DeFi and NFT space, Cryptio is aiming to become an important part of this expanding ecosystem.
Cryptio says crypto-native businesses such as Consensys, Aave and Nexo have already deployed the platform to help streamline their back-office accounting ops. The firm has also built up a community of accounting partners, including large firms such as Mazars and Grant Thornton.
Clients: Consensys, Aave, Nexo, Mazars, Grant Thornton
Active region(s): Global
Partners: Xero, QuickBooks
Funding: $1.2m via four investors. Draper Associates and SGH Capital are the most recent investors.
Elevator pitch: “Cryptio’s institutional-grade accounting software enables treasury managers to track their assets and transactions from crypto wallets, exchanges, DeFi protocols, and institutional custodians to construct a complete picture of their digital asset activity. Treasury managers can transform blockchain data into auditable records for accounting, treasury, and tax filings.”
Email: [email protected]
TMI view: A tool that consolidates all cryptocurrency transaction data across multiple locations and then translates it into data usable for traditional accounting systems makes sense when the rules are just beginning to shape up across various jurisdictions.
Verdict: The nuances of accounting treatments for crypto are challenges that can be overcome with the right infrastructure, strategy alignment and investor communication. This solution sits neatly as an aid to that goal.