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Crypto Custody Firm Fireblocks Adds ‘One-Click’ Audits, Tax Reporting
Software from Web3 accounting company Tres works with a wide range of digital asset networks, and can be integrated with accounting software such as QuickBooks, Xero and NetSuite.
Updated Jun 20, 2024, 1:00 p.m. Published Jun 20, 2024, 1:00 p.m.
- An agreement with Tres allows Fireblocks customers to generate audit-ready reports in one click for a wide range of digital asset networks.
- The complexity of crypto and on-chain assets is abstracted away, leaving a Web2-like context easily integrated with existing accounting software.
Cryptocurrency custody firm Fireblocks will offer clients the ability to generate audit-ready reports in one click in a deal with Tres, a startup that helps organizations handle accounting, auditing and tax reporting for digital assets as it anticipates growing interest in areas like tokenization of real-world assets.
The reports can be integrated with accounting software such as QuickBooks, Xero and NetSuite, the companies said in an announcement on Thursday.
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Tokenizing traditional assets is a growing trend among financial institutions, and many other organizations have started holding bitcoin and adding it to their balance sheets. This means more chief financial officers, non-crypto-native analysts and risk teams will need to interact with on-chain data, which is indecipherable in its current form, said Adam Levine, SVP of corporate development and partnerships at Fireblocks.
As crypto becomes more widely adopted, firms will need a context that's as familiar as 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 at a board meeting and the CEO says, 'I've got this idea we should tokenize assets, or we should get into crypto and payments in USDC,' the first person to knock on the table during that board meeting was a CFO saying they don’t know how to handle these kind 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 like it's built for the CFO that maybe doesn't even have any connection to digitalizing crypto beforehand.”
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
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