Xero's 2million+ users can now leverage automated bookkeeping for crypto assets.
Crypto adoption is increasing!
The growth of digital assets has reached a level of exponentiality. From Decentralized Finance to the evolution of Central Bank-issued currencies.
Therefore, the advancements occurring in the industry has resulted in extraordinarily complex and tedious business models driven by unaccountable digital assets. Consequently, due to the lack of transparency and auditability of crypto companies, adoption remains limited.
Until now, the tracking and reporting of these assets remained extremely time-consuming and in-accurate. During a period where we are seeing more and more indications that the crypto world is slowly merging into the traditional legacy world.
In support of this claim, the recent legislation that came into force January 1st 2020 by BaFin, a German regulator that declared a new law into their Banking Act (KWG). This law includes the authorization of custodian services of crypto assets by banks. Furthermore, following this monumental achievement for crypto, over 40 banks in Germany have applied for the licencing. Notably, other countries such as the US, are invoking similar legislations.
The same way, Cryptio’s mission is to foster the business adoption of digital assets by creating a bridge between crypto and traditional accounting systems. We believe that rapid adoption can’t occur if adopting crypto and other digital assets involve additional complexity traditional markets forgo.
In regards to our mission to build a bridge between the traditional accounting world and crypto, we are proud to announce one of our most significant achievements: full automated integration with the accounting system Xero.
Now, all of Xero’s growing client base can invest into crypto assets seamlessly, with simplicity and efficiency. Whilst avoiding the previously challenging accounting and tax processes.
Collaboration with Xero is a leap into the future. The ability to track previously unaccountable taxable digital assets, is powerful. Soon clarity on taxation law will be made by regulators. Those already using the Cryptio integration of XERO will be the most prepared.
That is why we are incredibly proud and excited to announce our first integration into a world-leading accounting software provider!