Cryptio raises a $1.2M seed round led by Draper Associates

Cryptio closes its seed round, led by Tim Draper's fund 💰

We are super excited to announce that Cryptio has closed a $1.2M seed round led by Tim Draper’s VC fund, Draper Associates. Draper Associates’ portfolio includes Tesla, Skype, Baidu, Twitch, Coinbase, Ledger, Cruise Automation among others. 

Additional and previous investors include Consensys, Outlier Ventures, Stani Kulechov (Aave), Julien Bouteloup (Stake Capital), Rumi Morales (Chamber of Digital Commerce), Thibault Chassagne (Virtuo), SGH Capital (Fluid Fund), l’Ecole Polytechnique and other business angels.  

At Cryptio, our mission is to integrate digital assets with legacy financial reporting tools and standards, making them as automated, transparent, and easy to book as banking transactions. 

Digital Assets are becoming more business oriented 🏦

We’re at a turning point in the digital assets industry. As work becomes digital first and central banks roll out unsurpassed stimulus plans, digital scarcity and the internet of value have gained a lot of traction : 

  • Bitcoin has become a widespread  store of value for individuals, financial institutions, and corporates. As of March 1st 6.53% of the total 18+ million supply of Bitcoin is on Corporate balance sheets (approximately $65bn). This will only grow as increased adoption by financial players and improved on and offramps make it easier for corporate treasurers to access Bitcoin
  • Stablecoins are now the most convenient way to get United States Dollar exposure, and move them across the world. The market capitalization to date of all stablecoins has increased twelve-fold from $5bn to $60bn, since January 2020.
  • Decentralized Finance is becoming a serious alternative to traditional finance. The TVL (total value locked) in decentralised finance protocols so far in 2021 has topped at $40bn, over 65 times its January 2020 position ($600m)

As a result, more and more non-crypto native companies, from Tesla to Christie’s, have started to hold digital assets on their balance sheet this year.

With this comes with a challenge: digital asset activity is totally disconnected from legacy accounting systems, (Netsuite, Quickbooks, Xero..) leaving their crypto assets activity not only difficult to account for but eventually opaque and not auditable.

Solving this problem is key to mass adoption. At Cryptio, we’ve developed a solution of automated connectors to integrate both worlds.

Cryptio’s achievements and future 💫

In 2020, we released automated connections with the two leading accounting systems: Xero and Quickbooks. 

Xero’s 2million+ and Quickbooks 7million+ users can now leverage automated bookkeeping for crypto assets and create a direct bridge between their companies’ wallets, custody solutions and exchanges to their accounting system. See how it works here.

Also, we released our tool box to help CFOs and Finance teams and launched our accounting firm partnerish program which now includes the best firms accross the world!

Today, we’re poised to release v2 of our product in Q2 2021. Already used by some of the largest crypto enterprises, V2 will bring more scalability and automation to accounting processes (and also full DeFi coverage 🤫)

To build this, we also grew out team: Lucas Santoni (CTO), Théo Benbezza-Grevet (Lead Dev), Elizur Ashant Nathan (Growth Lead), Théo Hinsinger (Software Engineer) and Théo Danneels (Data Engineer) all joined in 2020. We plan to accelerate our hiring, and are now looking for a product manager and designer!! 

"I look forward to a time when I operate completely in bitcoin, where all my records are kept on the blockchain and all my distributions occur via smart contracts. Cryptio solves a key problem in allowing accounting to transcend the currency businesses operate in, so they can focus on providing more and better services to their customers--who pay with whatever currency they prefer--without wasting money on accountants translating currency for every transaction"

Tim Draper, Founding Partner at Draper Associates
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