Verady and DAR partner on cryptoasset reporting

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Verady, which makes the Ledgible cryptocurrency tax, accounting, and financial reporting platform, has partnered with Digital Asset Research to bring the cryptoasset data and analytics firm’s institutional level pricing for cryptocurrency market values to Ledgible users. The valuation of cryptoassets, which include cryptocurrencies like Bitcoin, can have a significant impact on portfolio accounting and taxes.

DAR provides data and research in the digital asset space for institutional market participants, such as traditional asset managers, hedge funds, family offices, regulators, custodians, tech firms, and other institutional clients entering the cryptocurrency market. The company vets assets and exchanges, and performs in-depth analysis on tech, security and market structure, to provide its data.

Verady’s Ledgible currently integrates with QuickBooks, Xero and NetSuite, allowing accountants and their clients to account for Bitcoin and other cryptoassets within those systems.

“Our fundamental understanding of cryptoassets and history in financial markets provides institutional rigor to the cryptocurrency market. Our comprehensive vetting methodologies allow us to identify economic trading between real buyers and sellers in this market in order to accurately price these assets,” said Erin Friez, chief operating officer and general counsel with DAR, in a statement. “Working with Verady and their Ledgible platform brings our pricing and data to customers who need a way to account for their cryptoassets.”

Because crypto asset value has traditionally been very volatile — they are speculative assets — DAR’s goal is to provide transparency to the cryptocurrency space through a comprehensive diligence process. This is aimed at giving market participants access to clean, objective market data, as well as analysis and insight into market structure, price discovery, and other topics of interest to market participants. Industry Taxonomy, a DAR product that organizes over 400 digital assets by use case, underlying technology, and other features, is designed to allow market participants to construct a portfolio around specific themes, to measure performance against other asset classes, or to evaluate risk and exposure.

"There are few standards for cryptoasset prices, so we are partnering with Digital Asset Research who clearly leads the market in assessing digital currencies and assets and offers clean prices for our Ledgible clients with institutional requirements," said Kell Canty, CEO of Verady, in a statement. “By offering options to our clients, we can give them more ways of finding value and accurately completing the short- and long-term cryptocurrency activity for the taxpayer.”

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