Verady, a leading cryptocurrency tax and accounting software company, announced two major Ledgible platform clients, Blockchain.com and Algorand. The accelerated adoption by two prominent blockchain organizations highlights the Ledgible platform’s adaptability, security, and trusted brand within the cryptocurrency space. Ledgible adds a necessary financial infrastructure component to both organizations as they expand their offerings.
Verady, is a financial technology startup in the Advanced Technology Development Center’s portfolio of companies.
Blockchain.com, which has more than 48 million wallet users and an exchange providing best-in-class trading capabilities, will benefit from the integration by incorporating Ledgible’s institutional grade reporting internally.
Algorand, a next-generation blockchain platform that enables the frictionless exchange of value, will leverage Ledgible for internal accounting and auditing. In addition, Ledgible will be integrating ALGO into its software, so that all holders of the native token of the Algorand platform (managed by the Algorand Foundation) will have integrated accounting. This expands the growing suite of digital financial products and services that are available to Algorand users.
“Verady is determined to help move the cryptocurrency industry forward with advanced, secure, and intuitive reporting tools,” said Kell Canty, Verady co-founder and CEO. “In a rapidly changing economic landscape, we’re glad to work alongside leaders in the industry to make crypto more accessible,”
Algorand’s technology is already breaking new ground with notable applications such as the world’s first central bank digital currency. Ledgible’s integration for institutional level financial management and reporting helps to further innovations like these that advance the crypto industry as a whole.
New product and service offerings, like Ledgible’s professional-grade accounting can leverage blockchain technology to spur mainstream adoption. As these solutions become more widely available and accessible, they will become as familiar as traditional financial solutions.
With Ledgible’s ability to perform AICPA SOC assured tax, accounting, and reporting of cryptocurrency activity, Blockchain.com and Algorand now have reliable, secure insight into their crypto financial transactions.
“As one of the oldest crypto companies and one of the largest crypto exchanges — with more than 48 million wallets in 140 countries with over 100 million transactions to date — our accounting needs are immense,” a Blockchain.com spokesman said. “With Ledgible, we’ve found a platform that meets our institutional standards and brings best-in-class speed to our financial reporting and tracking.”
Added W. Sean Ford, Algorand’s chief operating officer: “One of Algorand’s goal is to enable enterprises to easily embrace the opportunity that blockchain provides. Broadly applicable financial reporting tools like Ledgible Accounting further that goal.
“We’re excited to partner with Verady to not only account for our own assets, but to provide Ledgible Accounting to our partners who are helping to develop and grow the Algorand blockchain.”
Blockchain.com is the largest software provider for digital currency and distributed ledger technology and provides the world’s most popular digital wallet with over 48 million users. Through the use of new technology, we are revolutionizing the $14 trillion financial services industry to build a more open, accessible, and fair financial future. Founded in 2011, Blockchain.com has raised over $70 million in funding from leading investors including Lightspeed Venture Partners and GV. For more information, visit blockchain.com.
About Algorand Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit algorand.com/.
Verady provides cryptocurrency tax, accounting, and confirmation capabilities through the Ledgible platform. Verady believes traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting. To learn more, visit verady.com.