Formidium Introduces Crypto Backoffice Solution: Web-3 Accounting For Traders, Fund Managers, Investors, and Corporates
May 6, 2024
Chicago, IL – May 6, 2024 – The future of Web3 accounting is here with 'Crypto Backoffice'. In a rapidly evolving digital landscape, managing cryptocurrency investments and holdings can be challenging. Crypto Backoffice revolutionizes the accounting and tracking of digital assets with general ledger and tax reporting capabilities.
Crypto Backoffice is a comprehensive general ledger system with extensive integration with 100+ exchanges, blockchains, custodians, DeFi Protocols that automates the process from record to report.
Rakesh Kumar, CTO of Formidium the visionary force behind the integrated platform remarked, “Crypto Backoffice’s goal is to empower the crypto traders, businesses, market makers, fund managers, investors and Web3 experts with an integrated solution that streamlines their back offices, navigating the complexities of Web3 accounting more effectively. We want to redefine the crypto accounting landscape with accuracy, transparency, and compliance in the complex world of Web3”.
Key Features of Crypto Backoffice:
- Available on license: The solution is available as a licensed product for unified accounting for blockchains, DeFi, centralized exchanges accounting for stablecoins, liquid and Illiquid tokens, SAFTs and SAFEs, and other digital assets.
- Integrated exchanges and wallets: Direct API connections to exchanges, blockchains, DeFi protocols, Crypto Backoffice automatically fetches data, removing the tedious task of manual data entry and providing a complete picture of digital asset activity.
- Multiple methods of capital gain/loss calculations for tax reporting: Users can choose from various methods (FIFO, LIFO, HCFO, STMAX LOSS) with capabilities of handling large volume of transactions. Users can get taxlot-based gain/loss calculation.
- User Console: User intuitive platform allows user to setup their legal entity structure, custom calculations setup, general ledger setup and tax reporting setup/defaults. For pooled investment funds, additional features include custom and standard allocation methods, waterfall calculations, and general ledger accounts.
- Tech Support: Solution experts and product support team seamless migration of historic data and product navigation.
- Secure and Scalable Platform: Ability to process hundreds to millions of transactions, Crypto Backoffice is scalable technology with independent annual audits and robust control frameworks to ensure a secure ecosystem. Crypto Backoffice is audited for SOC 2 (Type II) and follows NIST framework for cybersecurity.
- Audit, Tax and Comprehensive Reporting: Crypto Backoffice goes beyond basic reporting packages. It can generate Financial Statements (complete with footnotes) and provide data for filling full reporting up to tax filing for US domiciled entities and customizable data/reports for other countries.
About Crypto Backoffice:
Based in Chicago, IL, Crypto Backoffice, a division of a global professional services and technology provider Formidium Corp, provides a comprehensive general ledger solution redefining the crypto accounting landscape with accuracy, transparency, and compliance in the complex Web3 world. The application has API integration with 100+ exchanges along with Ethereum Blockchain (on-chain data) helps to capture transactions independently with sanitizing and generalizing the complex transactions.