During the Cryptio Colossal launch event at Paris Blockchain Week, Antoine Scalia, the Founder & CEO, delivered a keynote speech on Cryptio’s journey from Ionic to Colossal – the next-generation platform, an enterprise-grade upgrade focussed on enterprise auditability.

This blog will take you through the top 7 highlights of the keynote:

#1: An industry shift is needed: moving from “good enough” to auditability

#2: We need to be audit ready: introducing Cryptio Colossal

#3: Data auditability with Colossal

#4: Back-office workflows with Colossal

#5: Operational dashboards with Colossal

#6: A back-office solution for the entire ecosystem

#7: A dedicated Cryptio accounting community

and share valuable resources to help you learn more about Cryptio Colossal.

The last 5 years: powering innovators and leaders in the industry

Cryptio started 5 years ago. We started at the time of the ICOs, and when basically nearly no one cared about crypto accounting and reporting.

Right now, five years later, the space has evolved, and Cryptio is fortunate enough to work with more than 300+ crypto organizations, including NEAR Foundation, Web3 Foundation, ConsenSys, and doing all the back office of MetaMask.

What we’ve been doing now is working with these Web3 companies to understand how we can build an infrastructure that can enable massive adoption, especially institutional adoption.

To understand how we can achieve institutional adoption, we need to understand what is happening in the industry.

State of the union: the banks are looking shaky

We see in the banking world, in the finance world in general, that the banks and monetary system are looking shaky. We're seeing a lot of risks, like the risk of hyperinflation, poor management, and no transparency in the accounting systems.

However, in order for on-chain crypto accounting to be widely adopted, we need to show integrity, we need to show security. And as far as Cryptio is concerned, we need to show auditability across the board.

So, how can this be achieved? continue reading to learn more.

Top 7 keynote highlights

Let’s take a look at some of the key highlights from the keynote to understand how Cryptio Colossal is bringing enterprise-grade auditability to crypto accounting.

#1: An industry shift is needed: moving from “good enough” to auditability

Startups, at the beginning of this journey, didn’t really care to do clean accounting and clean reporting. What they cared about was the accountant that was calling them ten times a day to try to understand what they were doing with their crypto. They wanted to solve that problem and thus needed a “good enough” solution that would keep these accountants happy for the time being.

However, as time went by, and with the current state of the union, there was a major mindset shift to data auditability, security, and scalability. This especially applies when you move to the world of enterprises, and what they care about is having a back-office infrastructure at the same enterprise-grade standard as their own business operations.

Therefore, we are moving from a time of just “good enough” to total auditability, and the bottom line is we need to be audit ready.

#2: We need to be audit ready: introducing Cryptio Colossal

Cryptio Colossal is the next-generation platform – an enterprise-grade upgrade focussed on enterprise auditability. Colossal is built on three main pillars:

Pillar #1: Data auditability

Pillar #2: Back-office workflows

Pillar #3: Operational dashboards

#3: Data auditability with Colossal

If we go back to the shift of mentality, the “good enough” mentality, and if we go back to this example of this early-stage startup, they want to give tools to their accountants. The good enough mentality goes with, okay, I want to track my transactions, and I'll use blockchain explorers to do this.

But as we shift this mindset to the concept of total auditability, we've learned that blockchain explorers like Etherscan, for example, are not meant for enterprise-grade accounting and audit purposes.

Key features of Colossal’s data auditability

• Indexing: with Colossal, our indexers are purpose-built for an accounting and reporting use case. The on-chain data retrieved by our nodes is crawled for the data required for accounting and reporting in a process called indexing. This indexed data is then organized into our database.
• Chain integrations: we are committed to building the widest, and, more importantly, accurate and complete integrations to the most active chains in the ecosystem. We already support 13, L1 and L2 chains and are adding new integrations swiftly.
• Sanity checks: we perform balance discrepancy checks constantly. ****When we import indexed data to our platform, we cross-check the balance of returned data with the on-chain balance. Through this discrepancy check, we can establish data reliability and accuracy.
• Exchange integrations: we are committed to integrating with the widest range of exchanges across spot, derivatives, and complex products as well. This is a long-term commitment to make sure we work with the top exchanges to help them improve their API's so that we can support the industry with accurate reports.
• Fair valuation: have the flexibility to choose the most suitable pricing data providers for a specific asset for a given period. Options from Kaiko, Binance US, Binance, and Coinbase, and much more.

To learn more about data auditability with Colossal, read our blog.

#4: Back-office workflows with Colossal

With the Colossal update comes a new UI. It’s not just important to have a pretty UI for the sake of it, but we need to think of the end-user. Our solution is used by finance teams in large companies, so you have accountants you have auditors, but they're not crypto savvy. They need to understand what is happening.

Thus, you need to have a UI that makes the job of building an abstraction on top of this data easy for the end user to understand. So they can plug that data into their ERP accounting software.

Key features of Colossal’s back-office workflows

• New UI: the new design makes it easier for you to seamlessly and quickly access the features you need, making your user experience and product journey a great one.
• Smart contract engine: able to consolidate and price complex transactions. Additionally, it automates the categorization and labeling of these transactions - saving you time and hassle in your accounting and reporting.
• Complete reporting suite for your crypto enterprise reporting: End-to-end reporting setup that you need for all your digital asset accounting, audit, tax, and financial reporting.
• Impairment: allows you to complete impairment on your digital assets so they can stay compliant with US GAAP regulations and get audit-ready. Built with guidance from ConsenSys, the creators of MetaMask, the module allows our clients to apply and run impairment testing as frequently as they need.
• Additional cost basis methodologies: supporting all major cost-basis methodologies – FIFO, LIFO, WAC, and HIFO. All of which can be applied to your entire sub-ledger (universally) or individual sources (per wallet).
• Enterprise-grade customer support: step-by-step personalized onboarding plan and dedicated manager to support you throughout the implementation plan.
• Reports: easily generate customizable reports such as automated revenue reporting for on-chain businesses, enterprise-grade reporting for your NFTs, on-chain staking rewards tracking and more.

To learn more about back-office workflows with Colossal, read our blog.

#5: Operational dashboards with Colossal

What we saw in the last two or three years is that most enterprises were focused on building a finance team that could take care of their accounting processes in-house. But to do this, you need to create a lot of processes and build technology to meet this specific use case. However, this takes a lot of time and resources.

On top of that, you also need to have tech that is able to process real-time data to make real-time decisions. This is why we’ve released two operational dashboards to solve this issue for enterprises – the NFT and DeFi dashboards.

Key features of Colossal’s operational dashboards

• NFT module: helping enterprises and institutions holding NFTs oversee the value of their digital assets and ensure they remain compliant with global accounting standards.
• DeFi module: allowing our customers’ treasury team to view their trades in one place along with their actual DeFi position/reports.
• Certifications: Colossal is a fully SOC1 and SOC2-certified platform. We guarantee our continued commitment to the highest data security and audit standard for crypto enterprises and institutions.

To learn more about operational dashboards with Colossal, read our blog.

#6: A back-office solution for the entire ecosystem

Now, with more than 300+ clients, we have a good panel and a group of different use cases. By working with these different use cases, we have the experience and right understanding from the data injection step to the very last step, which is working with your finance team, your accountant etc.

If you hold crypto on your balance sheet - Cryptio Colossal is for you. To learn more about Cryptio Colossal visit our hub.

#7: A dedicated Cryptio accounting community

The crypto space is a decentralized space, all about community collaboration. This is why at Cryptio, we’re also taking a community-driven approach to meeting and working with you all.

We host monthly Accounting Partner webinars, and we also have created a dedicated Accounting Partner Telegram group where we regularly share Cryptio and industry updates. If you would like to join our Accounting Partner community, reach out to our team today.

We also launched our monthly LinkedIn newsletter, where you can join a thriving community of over 900+ members. To join our newsletter, click this link.

Try Colossal for free today

Cryptio Colossal is your leading data layer for crypto accounting and reporting. Our software lets you instantly transform complex on-chain activity from Ethereum, BSC, Polygon, and 12+ blockchains into auditable-grade ledgers.

Book your demo today