Digital asset custody is a major pain point
Not long ago, businesses and entrepreneurs operating in the crypto space had to take care of the storage and security of their digital assets themselves. The institutional investors faced a trade-off between securing digital assets in cold storage or participating in staking and governance. The stress of keeping their cryptocurrencies safe was echoed by most digital asset institutions. Recognising this need, sophisticated custody solutions have come up in recent times such as Anchorage.
Anchorage allowed the institutional market to completely delegate their custody and security worries. The solution claims to be safer than cold storage, with all the benefits of asset usability.
Automate digital asset bookkeeping for Anchorage clients
Anchorage clients can now seamlessly integrate their Anchorage activity with Cryptio. They can manage their digital assets on Anchorage while the integration ensures all transactions will automatically be consolidated in real time. You can generate returns from staking, claim airdrops, and buy and sell crypto with Anchorage Trading. All this activity and data will be transferred to Cryptio’s bookkeeping tool. 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.
Cryptio also seamlessly integrates with accounting and bookkeeping softwares such as Xero and QuickBooks. This functionality will allow Anchorage clients to not only easily import all their transaction activity into Cryptio, but also directly into these accounting systems. This will massively simplify the accounting and tax reporting process for the institutions.
Thus, instead of getting large files of raw crypto activity data from anchorage, institutional clients can now download detailed financial reports. These reports include the company’s financial summary, gains and losses, tax implications and digital asset valuation for their activity for any period. As mentioned, 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.
How to integrate your Anchorage account with Cryptio?
It is a simple and quick process to integrate your Anchorage account on Cryptio. It takes less than 1 minute. Cryptio just gains access to the transactional data, so your funds are secure with Anchorage’s safe custody.
Anchorage clients can now integrate with Cryptio, an automated bookkeeping tool, within minutes. This integration will help save time and rescue operational costs by creating financial reports, accounting for digital asset activity and calculating accurate tax returns.