A couple of years ago, financial institutions with digital assets had to take care of everything themselves. Not only did they had to ensure security of their funds worth millions, but also take care of regulatory and tax implications. Custody solutions such as BitGo solved the security part, and now BitGo-integrated accounting solutions such as Cryptio are solving the compliance part. And it takes just 5 minutes to integrate!
Digital asset custody is a major issue for institutions
Any company operating in a nascent and emerging industry faces a key challenge of a lack of supporting tools. The crypto and digital asset space is no different. Not long ago, businesses and entrepreneurs operating in this space had to take care of everything themselves. From product features such as user on-boarding to regulatory compliance such as KYC (know your customer), the firms had to do everything basically from scratch.
One of the most critical pain point was the storage and security of their digital assets. Brad Stephens, Co-Founder and Managing Partner of Blockchain Capital, represents this pain very well when he mentioned “Keeping our cryptocurrency secure was my largest source of anxiety in the past five years. Personal security, being kidnapped, that was a genuine concern, not to mention fear of simply losing the digital keys.” The stress was echoed by most digital asset institutions. Recognising this need, sophisticated custody solutions have come up in recent times such as BitGo.
BitGo allowed the institutional market to completely delegate their custody and security worries.
Cryptio integration will automate digital asset bookkeeping for BitGo clients
BitGo clients can now seamlessly integrate their BitGo activity with Cryptio. They can manage their digital assets on BitGo, while the integration ensures all transactions will automatically be consolidated in real time. Cryptio also seamlessly integrates with accounting and bookkeeping softwares such as Xero and QuickBooks. This functionality will allow BitGo clients to easily import all their transaction activity into these accounting systems. Once the consolidation is done, Cryptio will also label the transactions, pull the historical price data and calculate the gains or losses for each activity.
Thus, instead of getting large files of raw crypto activity data from BitGo, BitGo clients can now download ready reports. These reports include the financial summary, gains and losses, tax implications and digital asset valuation for their activity for any period. This data is also imported into the client’s Xero or QuickBooks account. These integrations will help CFOs and CPAs save hours of manual work.
One of our earliest users of this feature is Celo. Cryptio is part of Celo’s Alliance for Prosperity, along with 50+ other members. The Alliance for Prosperity is a network of mission-driven firms to leverage the benefits of blockchain technology to foster social impact and financial inclusion. Thus, we are on-boarding these members onto Cryptio. And the benefits that have been unlocked are clear to see.
“With this integration, we can monitor our movements on BitGo automatically and reconcile them with all the others movements” Markus Franke, partner at Celo’s cLabs, explained. “This makes it super easy for our finance and accounting teams to manage our operations”.
How to integrate your BitGo account with Cryptio?
It is a simple and quick process to integrate your BitGo account on Cryptio. It takes less than 1 minute and all you need is one BitGo access token to access all your Bitgo wallets data. Cryptio just gains access to the transactional data, so your funds are secure with BitGo.
BitGo clients can now integrate with Cryptio, an automated bookkeeping tool, within 5 minutes. This integration will help save time and costs on creating financial reports, accounting for digital asset activity and calculating accurate tax returns.