Financial Technology (FinTech) firm Verady said TTV Capital, an Atlanta-based early-stage venture capital firm focused exclusively on investing in finch companies has made an investment in the company.
Terms were not disclosed. Verady, a startup in the Advanced Technology Development Center’s ATDC Accelerate portfolio of startups, brings accounting standards and audit services to the cryptocurrency market through VeraNet.
Verady recently launched VeraNet, a network that makes audit and accounting of cryptocurrencies possible. Verady was founded in 2016 by Kell Canty and Nathan Eppinger. The investment in Verady adds to TTV’s robust FinTech portfolio.
“We are focused on building the best services and capabilities available to meet audit and accounting needs for crypto-assets. This strategic investment from TTV validates our direction and helps support our product development goals for VeraNet,” said Kell Canty, Verady’s CEO and co-founder
“We are very excited about our investment in Verady because they solve a real problem for the cryptocurrency marketplace. No financial ecosystem can last long-term without strong underlying systems that track, reconcile, verify, and report assets. We believe most, if not all, participants in the cryptocurrency marketplace will eventually need the accounting and reporting services that Verady is pioneering,” said Gardiner Garrard, a TTV Capital partner.
VeraNet is a transaction harvesting network that brings traditional financial accounting to cryptocurrency. The rapid growth and adoption of cryptocurrencies is creating enormous demand for modern accounting and audit services. “The core idea for VeraNet was a bit ahead of its time about four years ago. Now, with increased awareness and adoption, it’s exciting to further develop a product that solves real business challenges,” said Nathan Eppinger,Verady’s chief technology officer and co-founder.