Crypto Custody Firm Fireblocks Adds ‘One-Click’ Audits, Tax Reporting

As a seasoned crypto investor with years of experience in navigating the complex and often opaque world of digital assets, I can’t help but be excited about Fireblocks’ recent partnership with Tres. This collaboration will make it easier than ever for me to generate audit-ready reports on my digital asset investments, all with just one click.

Fireblocks, a company specializing in secure storage of cryptocurrencies, plans to provide clients with the convenience of producing audit-ready reports instantly through a partnership with Tres. Tres is a startup dedicated to assisting organizations in managing accounting, auditing, and tax reporting for their digital assets, as there is increasing demand for tokenization of real-world assets.

Reports can be seamlessly connected to accounting programs like QuickBooks, Xero, and NetSuite, according to a statement made by the companies on Thursday.

Financial institutions and various other organizations are increasingly adopting the practice of tokenizing conventional assets. This trend involves holding cryptocurrencies like bitcoin and incorporating them into their financial statements. As a result, an increasing number of chief financial officers, non-experts in crypto, and risk assessment teams will require access to on-chain data for analysis. However, this information is currently presented in an indecipherable format, according to Adam Levine, SVP of corporate development and partnerships at Fireblocks. To make it clearer: The process of transforming traditional assets into digital tokens for financial transactions is gaining popularity among financial institutions and other organizations. This new trend implies that more CFOs, non-crypto specialists, and risk management teams will be dealing with on-chain data. However, they may find this information difficult to understand due to its current complex presentation.

As the usage of cryptocurrencies expands, companies will require a context akin to the well-known Web2 environment, making it effortless to generate reports and workflows that harmoniously integrate with their existing enterprise resource planning (ERP) systems, I, Tal Zackon, co-founder and CEO of TRES, believe.

As a crypto investor, I remember the trepidation I felt during board meetings when the CEO proposed ideas involving tokenized assets or USDC payments. Previously, when the CFO expressed their uncertainty about handling such assets, it seemed like an insurmountable challenge. However, things have changed significantly.