Cryptio on Monday (Nov. 15) debuted Ionic, a back-office software platform that “bridges sophisticated on-chain crypto activity to accounting and reporting systems like Xero and Netsuite,” according to a blog post by Head of Marketing Hemant Pandit announcing the rollout.
Ionic features direct connections with institutional custody solutions, exchanges, chains and accounting systems, including Xero and Netsuite. Other capabilities include automated labeling, valuations, cost basis, realized and unrealized gains reporting and chart of accounts mapping. The platform can also transform on-chain crypto activity (including DeFi and NFTs) into more auditable records for accounting, treasury and tax filings, the blog post states.
“Blockchains are public ledgers,” Pandit wrote in the blog post. “However, organizing this public data in a way that’s useful can be extremely difficult. The Ionic update marks a huge technical innovation in parsing, indexing and processing on-chain data for accounting and reporting. We are running our own bitcoin and Ethereum nodes and have built proprietary indexers that are able to transform this opaque blockchain data into ledgers ready for accounting and reporting. We are not reliant on public block-explorers like Etherscan, and have built direct connections to the native chains.”
Cryptio also recently partnered with some L1 foundations, including Cardano, Solana, Tezos and Filecoin.
“Integrations are the key to building a complete picture of your digital asset activity,” wrote Pandit. “That’s why we have built bridges, both on the crypto side and with legacy accounting software systems. This empowers you to build your crypto sub-ledger and merge it with your fiat general ledger.”
Related news: Coinbase Launches New Tools to Drive Education in the Crypto Circle
In other crypto-related news, Coinbase recently debuted new tools to help its cryptocurrency community learn more, share what they know and be more involved with the educational effort. Users can share information with their private networks about their holdings through the Share button in the Coinbase app. Coinbase also has plans in the works to launch additional learning and sharing solutions.
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