In a pivotal advancement for digital asset management, cryptocurrency custody pioneer Fireblocks has unveiled a transformative feature that empowers clients to effortlessly generate audit-ready reports with a single click. This innovation, birthed from a strategic alliance with Tres—a burgeoning enterprise specializing in the accounting, auditing, and tax reporting for digital assets—signals a significant stride toward accommodating the burgeoning interest in tokenizing tangible assets.
The newly introduced reporting capability seamlessly integrates with prominent accounting platforms such as QuickBooks, Xero, and NetSuite, ensuring a streamlined experience for users, the companies announced on Thursday.
The movement toward tokenizing conventional assets is gaining substantial traction among financial institutions, with an increasing number of organizations incorporating Bitcoin into their financial statements. Consequently, this trend necessitates the involvement of chief financial officers, analysts who are not inherently versed in cryptocurrency, and risk assessment teams in the interpretation of on-chain data—data that remains cryptic in its raw form. Adam Levine, Senior Vice President of Corporate Development and Partnerships at Fireblocks, emphasized the urgency of rendering such data intelligible.
As cryptocurrency adoption becomes more prevalent, there is a pronounced need for a familiar framework akin to the Web2 paradigm. This paradigm allows for the effortless creation of reports and workflows that dovetail seamlessly with existing enterprise resource planning (ERP) systems, stated Tal Zackon, co-founder and CEO of Tres.
“When a CEO proposes in a board meeting the idea of asset tokenization or venturing into crypto and payments in USDC, the CFO is often the first to voice concerns over handling these assets,” Zackon elaborated in an interview. “Now, this process is simplified. The familiarity of the Web2 environment is replicated precisely for the CFO, who might have previously had no connection to digitalizing crypto.”
In essence, this development by Fireblocks and Tres represents a significant leap towards integrating cryptocurrency into mainstream financial practices, mitigating the complexities, and rendering the transition smoother for traditional finance professionals.