Crypto Custody Firm Fireblocks Adds ‘One-Click’ Audits, Tax Reporting

An agreement with Tres allows Fireblocks customers to generate one-click audit-ready reports for a wide range of digital asset networks.

The complexity of crypto and on-chain assets is eliminated, enabling a Web2-like context to be easily integrated with existing accounting software.

Cryptocurrency custody company Fireblocks will offer its customers the ability to create audit-ready reports with one click through a deal with Tres, a startup that helps organizations manage accounting, auditing and tax reporting for digital assets, anticipating growing interest in areas such as tokenization of real assets. -world beings.

The reports can be integrated with accounting software such as QuickBooks, Xero and NetSuite, the companies said in their announcement Thursday.

Tokenizing traditional assets is a growing trend among financial institutions, and many other organizations have also begun holding Bitcoin and adding it to their balance sheets. This means more finance chiefs, non-crypto native analysts and risk teams will have to interact with on-chain data that cannot be deciphered in its current form, said Adam Levine, SVP of corporate development and partnerships at Fireblocks.

Co-founder and Tal Zackon said that as cryptocurrency becomes more widely adopted, companies will need a context as familiar as the Web2 world, where it is very easy to create reports and workflows that fit seamlessly into existing enterprise resource planning (ERP) systems. CEO of TRES.

“When you sit in a board meeting and the CEO says, ‘I have this idea that we need to tokenize assets or get into cryptocurrency and payments in USDC,’ he or she is the first person in the boardroom to knock on the table. “A CFO at the meeting said they don’t know how to deal with these types of assets,” Zackon said in an interview. “Well, it’s easy for them now. Everything they’re used to from the Web2 world exists as it was created for the CFO, and maybe it doesn’t even have any connection to digitizing crypto beforehand. ”