Libra, cryptocurrency tax compliance and accounting agency, launched an auditing application called Crypto Office targeted at help enterprises with tax compliance and automation of large business processes.
It helps “automate and optimize back and middle office processes and reporting, while improving operational and financial analysis and control” according to the company.
It can be used by funds, market makers, and exchanges. Enterprise platform owners are experiencing crypto-data challenges as transaction volumes grow. The software will help them connect, extract, and aggregate data from the blockchain and ecosystem while ensuring quality, consistency, and transparency.
The company has provided other tax applications for bitcoin enthusiasts and crypto-focused day traders.
Related Coverage: Libra blockchain startup raises $7.8 million- Series A
With connectivity to multiple public networks, exchanges, and wallet software, both companies and individuals. However, can rely on it to process real-time accounting, reports, tax calculations, and regulatory compliance.
It will provide some confidence to institutional investors who cannot allocate significant investment to the crypto industry. Hence, they cannot find the right systems and processes to do so.
Shapeshift and XBTO already working on two firms that focus on large transactions and vast amounts of cryptocurrency trades namely . Since it has raised $7.8 million to add to its previously $2 seeded capital.
Other companies offering tax compliant and crypto-auditing software include Node40, Cointracking, Bitcoin Transaction Coordinator, and the startup, Bitcoin Taxes.