An agreement with Tres allows Fireblocks customers to generate audit-ready reports in one click for a wide range of digital asset networks.
The complexity of crypto and on-chain assets is abstracted away, leaving a Web2-like context easily integrated with existing accounting software.
Cryptocurrency custody firm Fireblocks will offer clients the ability to generate audit-ready reports in one click in a deal with Tres, a startup that helps organizations handle accounting, auditing and tax reporting for digital assets as it anticipates growing interest in areas like tokenization of real-world assets.
The reports can be integrated with accounting software such as QuickBooks, Xero and NetSuite, the companies said in an announcement on Thursday.
Tokenizing traditional assets is a growing trend among financial institutions, and many other organizations have started holding bitcoin and adding it to their balance sheets. This means more chief financial officers, non-crypto-native analysts and risk teams will need to interact with on-chain data, which is indecipherable in its current form, said Adam Levine, SVP of corporate development and partnerships at Fireblocks.
As crypto becomes more widely adopted, firms will need a context that’s as familiar as the Web2 world, where it’s a breeze to create reports and workflows that fit seamlessly into existing enterprise resource planning (ERP) systems, said Tal Zackon, co-founder and CEO of TRES.
“When you’re sitting at a board meeting and the CEO says, ‘I’ve got this idea we should tokenize assets, or we should get into crypto and payments in USDC,’ the first person to knock on the table during that board meeting was a CFO saying they don’t know how to handle these kind of assets,” Zackon said in an interview. “Well now it’s easy for them. Everything they are used to from the Web2 world exists exactly like it’s built for the CFO that maybe doesn’t even have any connection to digitalizing crypto beforehand.”
