Consola Finance Debuts Accounting Platform for Web3 Firms

Austria’s Consola Finance has launched an automated finance and accounting platform for Web3 companies.

“Our mission is to bring clarity and control to companies’ crypto finances, and our platform automates processes such as bookkeeping, accounting, and reporting, saving valuable time and reducing human errors,” the company said in an announcement posted on its LinkedIn page Tuesday (Jan. 10).

Consola says its product — now live on Ethereum, Polygon, and Solana — offers accounting and bookkeeping features that include transaction and price fetching, fiat valuation, auto-categorization, cost basis calculation, profit, and loss calculation and reporting.

“We have built a completely new on-chain data infrastructure that provides the highest quality of blockchain data available, and have partnered with leading node providers and auditing firms to ensure the accuracy and reliability of our data,” the announcement said.

The launch comes as the cryptocurrency industry is facing increased oversight following the downfall of the FTX exchange in November of last year.

“As macro headwinds buffet consumers and over-leveraged implosions pockmark the sector landscape, industry observers openly doubt whether crypto even represents the inflation hedge it once promised,” PYMNTS wrote last month.

A number of executives told PYMNTS that last year would be the year people started using bitcoin and other cryptocurrencies as payment/purchase methods.

But now, that window of opportunity appears to be closing, and the road to mass acceptance of crypto as a payment choice is increasingly shaping up to be bumpy.

Meanwhile, PYMNTS wrote last month about the way cryptocurrency-powered business models are reshaping front- and back-end business operations around the world.

These models not only offer innovative new answers to questions about exchanging money across borders and transmitting large sums of money but also offer compelling solutions for fraud prevention and transparency-driven security.

Misha Graboi, CFO at Chia Network, spoke with PYMNTS to talk about how businesses can take advantage of distributed networks for business-to-business (B2B) engagements, without trading functionality for security.

“Payments using cryptocurrency technologies are relatively straightforward,” Graboi said, “but one place where certain crypto technologies especially shine is in their ability to improve transparency along an entire value chain.

“[They] provide the security that is inherent in bitcoin, and the functionality inherent in smart contracting languages and platforms, but do it at a fraction of the energy use we see today [across cryptocurrency transactions],” he said.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.