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.
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.
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.
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.
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.
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
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
To learn more about data auditability with Colossal, read our blog.
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
To learn more about back-office workflows with Colossal, read our blog.
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
To learn more about operational dashboards with Colossal, read our blog.
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.
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.
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.