“We’re excited to announce that Cryptio has successfully integrated Request, the invoicing platform for crypto-first companies, to simplify bookkeeping and accounting of blockchain-based transactions,” Request said.
The combined entity is striving to provide documentation that provides the paper trail that regulators seek to consider the legitimacy of blockchain, crypto-based transactions. The lack of a trail was always a missing aspect to meet compliance requirements.
By simplifying the invoicing, payments and overall accounting aspects for companies that are crypto-first, Request and Cryptio can assist firms that deal with fiat and cryptocurrencies.
“Crypto transactions are now ‘properly documented’ and equally integrable as any other transaction into an accounting system,” according Request.
“Cryptio now enables companies to automatically push their crypto-based activity to their preferred accounting system, making crypto-based transaction bookkeeping more seamless than ever before.”
The Request and Cryptio tie up is aiming to streamline the process of using crypto for business. The duo is striving to make using crypto for business as easy and compliant as any other payment type a company decides to use.
Cryptio notched $1.2 million in seed funding in April, led by Draper Associates. Additional participating investors included ConsenSys Ventures, Outlier Ventures, Aave founder Stani Kulechov, and others.
Headquartered in France, Cryptio specializes in helping businesses working with cryptocurrencies handle their accounting needs. The new infusion of capital will help the company invest in talent.
Businesses interested in accepting crypto typically struggle to handle accounting transactions using legacy systems for invoicing and accounts receivables that often require outside professionals to handle the transactions.
See related coverage: FinTech Combats Accounts Receivable’s Crypto Anxieties