According to CoinDesk, Fireblocks, a cryptocurrency custody firm, has entered into a partnership with Tres, a startup that assists organizations with accounting, auditing, and tax reporting for digital assets. This collaboration will enable Fireblocks' clients to generate audit-ready reports in one click, anticipating the growing interest in areas such as the tokenization of real-world assets. The reports can be integrated with existing accounting software like QuickBooks, Xero, and NetSuite, as per the announcement made by the companies on Thursday.
Tokenization of traditional assets is becoming increasingly popular among financial institutions, and many organizations have begun to hold bitcoin and add it to their balance sheets. This trend necessitates more chief financial officers, non-crypto-native analysts, and risk teams to interact with on-chain data, which is currently difficult to decipher, according to Adam Levine, SVP of Corporate Development and Partnerships at Fireblocks.
Tal Zackon, Co-founder and CEO of Tres, emphasized the need for firms to have a context as familiar as the Web2 world as crypto becomes more widely adopted. This would make it easier to create reports and workflows that integrate seamlessly into existing enterprise resource planning (ERP) systems. Zackon further explained that the partnership would simplify the process for CFOs who may not have any prior connection to digitalizing crypto.
