A Single Ledger Storing All Crypto Transaction Data Created by Cryptio

A Single Ledger Storing All Crypto Transaction Data Created by Cryptio

The solution has been named Ionic, and will bridge the technical gap between on-chain activity and existing accounting systems like Xero and Quickbooks . It solves essential back-office problems, including: The Ionic update marks a huge technical innovation in indexing and processing on-chain data. The key to this has been Cryptio’s direct relationships with the Layer 1 blockchain foundations. Thousands of applications are being built on top these foundational blockchains, especially in the DeFi and NFT space, and Cryptio is building the back-office infrastructure in tandem with this growing ecosystem. Crypto-native businesses such as Consensys , Aave and Nexo have adopted the platform to streamline their back-office operations and meet their accounting obligations. Cryptio is also building a community of accounting partners using the Ionic software, including international audit, tax and advisory firm, Mazars . Antoine Scalia , CEO of Cryptio, commented on the launch: “Crypto-native businesses, hedge funds, family offices, and company treasuries now face sophisticated accounting, audit and compliance challenges as a result of increasing regulatory demands for accountability and auditable records on their crypto activity. Proposed amendments as part of the US Infrastructure bill to US tax code section 6050I is evidence of this. With this pressure