Libra introduces enterprise accounting product for blockchain companies
Libra, which provides accounting, audit, and tax software for the blockchain and cryptocurrency industry, has released a new enterprise application called Libra Crypto Office, which automates back- and middle-office processes and reporting for funds, market makers and exchanges.
Libra Crypto Office is purpose-built for the technical nature of blockchains and cryptocurrencies, while also meeting institutional investor, fund administrator, and regulatory requirements, the company states.
The product works by a three-stage process. First, it connects to exchange platforms, blockchains, and other data sources. Second, it normalizes transaction records through real-time data processing engines by organizing and interpreting raw data. Finally, it assembles insights and reports such as trading, inventory and tax information, which can also be delivered to other enterprise systems via application program interfaces.
Crypto Office’s launch comes shortly after Libra raising $7.8 million in Series A funding.
“Cryptocurrency transaction volume is growing exponentially while financial accounting, reporting, compliance, and control processes are performed manually or with retrofitted applications that aren’t blockchain-native,” said Libra CEO Jake Benson, in a statement. “Based on conversations with leading industry players, we found that organizations that trade large volumes of cryptocurrency hit a point where they can no longer scale because of manual processes and use of spreadsheets. Further, without the right systems and processes, institutional investors were unwilling to allocate significant capital to the sector. With the introduction of Libra Crypto Office, we will help to solve these challenges …”