Libra, a provider of accounting, audit, and tax software for the blockchain and cryptocurrency industry, has launched Libra Crypto Office, an enterprise application that automates and optimises back and middle office processes and reporting for funds, market makers, and exchanges.
Libra Crypto Office offers the industry its first institutional-grade solution with a product which is purpose-built for the technical nature of blockchains and cryptocurrencies while also meeting institutional investor, fund administrator, and regulatory requirements. The product provides customers with the information accuracy and transparency required to grow quickly, while managing compliance needs.
Libra has also secured its first Crypto Office customers – trader and liquidity provider XBTO, and ShapeShift, a blockchain asset exchange platform.
“We partnered with Libra because its solutions allow us to operate better,” says Philippe Bekhazi, CEO of XBTO. “Libra Crypto Office eliminates manual and inefficient back and middle office processes. The crypto markets operate 24/7/365, which means we must be able to produce accurate financial reports automatically, and in real time. Libra’s software will meet the needs of XBTO and our investors as we grow our business.”
Libra Crypto Office adds value through a three-stage process. First, it offers a single on-ramp that connects to exchange platforms, blockchains, and other data sources within the ecosystem. Second, the solution continuously normalises and enriches millions of transaction records through real-time data processing engines. Finally, it assembles actionable insights and reports such as trading, inventory, and tax information which can also be delivered to other enterprise systems via APIs.
The launch follows Libra’s recent announcement of its USD7.8 million Series A round led by a prominent, multi-billion dollar European family office. Participating investors included Liberty City Ventures, XBTO, Boost VC, and Lee Linden.
“Cryptocurrency transaction volume is growing exponentially while financial accounting, reporting, compliance, and control processes are performed manually or with retrofitted applications that aren’t blockchain-native,” says Jake Benson (pictured), CEO of Libra.
“Based on conversations with leading industry players, we found that organisations that trade large volumes of cryptocurrency hit a point where they can no longer scale because of manual processes and use of spreadsheets. Further, without the right systems and processes, institutional investors were unwilling to allocate significant capital to the sector. With the introduction of Libra Crypto Office, we will help to solve these challenges and we’re thrilled that both ShapeShift and XBTO are customers and look forward to supporting other similar organisations.”
