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Crypto Custodial Firm Fireblocks Adds ‘One-Click’ Audits and Tax Reporting — TradingView News
Cryptocurrency custodian company Fireblocks will offer customers the ability to generate audit-ready reports in one click in a deal with Tres, a startup that helps organizations manage accounting, auditing and tax reporting for digital assets in as it anticipates the growing interest in areas such as the tokenization of real assets – global assets.
The reports can be integrated with accounting software such as QuickBooks, Xero and NetSuite, the companies said in an announcement Thursday.
Tokenization of traditional assets is a growing trend among financial institutions, and many other organizations have begun holding bitcoin and adding it to their balance sheets. That means more CFOs, non-crypto-native analysts and risk teams will have to interact with on-chain data, which is indecipherable in its current form, said Adam Levine, senior vice president of business development and partnerships of Fireblocks.
As cryptocurrencies become widely adopted, businesses will need a familiar context like the Web2 world, where it’s a breeze to create reports and workflows that fit seamlessly into existing enterprise resource planning (ERP) systems, said Tal Zackon, co-founder and CEO of TRES.
“When you’re sitting in a board meeting and the CEO says, ‘I have this idea that we should tokenize assets, or we should go into cryptocurrencies and USDC payments,’ the first person to knock on the table during that board meeting there was a CFO who said he didn’t know how to manage these types of assets,” Zackon said in an interview. “Well, now it’s easy for them. Everything they are used to from the Web2 world exists exactly as if it were created for the CFO who perhaps doesn’t even have any connection to the digitization of cryptocurrencies beforehand.”