They are our clients, our friends, good contacts or just people we met in the crypto-community. They have a new vision, they are running great projects, they are developing new services or they just want to share their story. Havas Blockchain is interviewing key people of the blockchain ecosystem.
We are today with Antoine Scalia co-founder of Cryptio :
- First of all, can you present us Cryptio ?
Cryptio is an accounting & compliance solution for traders and crypto companies (token companies, crypto funds, exchanges, brokers…)
By tracing all our client’s activity on exchanges and wallets, we help them hold proper and transparent accounts and therefore assist them on accounting and compliance (eg. tax reports, AML, proof of funds, audits…)
Our solution is a must-have for players that want to access easily financial services like accounting, banking, brokerage…
2. What are the problems with crypto accounting and compliance?
The problem lies in a well-known paradox. Blockchain companies suffer from a lack of transparency on their activity. Whereas public blockchains are transparent, transactions are at the end very uneasy to read, value and report. When it comes to accounting and reporting the activity, it becomes a nightmare.
Today, neither blockchain companies nor accountants, banks or any relevant third parties have tools that let them manage their activity and operate their mission. As a result, we hear everyday stories about crypto companies that had their bank account blocked, or that have to pay way more than they should for financial services or even traders that can’t cash out legit gains on their bank account.
In the end, our mission is to bridge this gap between crypto and traditional finance by developing tools that turn crypto accounting and compliance in a transparent and easy-going process.
3. What are your relations with institutional players?
We have built our product for nearly a year with crypto companies, accounting, and law firms. Meanwhile, we have taken care of having closed relations with institutional players. We are backed by L’Ecole Polytechnique, work with BNP Paribas at Station F in Paris and have regular discussions with Big 4 companies and regulators.
We want to keep on working closely with this type of players to both evangelize on the market but also build the accounting and compliance best practices that would reconcile crypto and traditional finance. Today, everything needs to be done and it’s definitely the crypto space that needs to adapt itself to the standards of traditional finance. And our mission is to help on this.