What was your journey into cryptocurrency like? What initially caught your attention and why?
The journey into Cryptocurrency started in January of 2013 when a good friend of mine started a Bitcoin trading platform out of New York which we sold to Kraken in 2016. I guess I would say I got lucky that friends of mine flocked into the space early on and I just joined them providing my world class back-office accounting services to them. Initially it wasn’t anything specific that caught my eye but later I became obsessed with being the best at it and trying to solve the puzzle of how to “properly and accurately” account for crypto transactions.
When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?
Although I was in the space early on, I really began targeting crypto and blockchain companies with my crypto accounting services in 2017. The core crypto services include accounting for crypto transactions, cost basis analysis and tracking, crypto financial reporting using our one of a kind crypto tracker automated tool, crypto tax optimization strategies and digital asset management advisory services.
What are the top three mistakes you see crypto clients make when it comes to accounting?
A few common mistakes I see crypto clients make is that they hire non crypto accounting sophisticated people to handle their books, they don’t keep a log with notes & comments, which is real simple and easy, of their crypto transactions and they don’t have a solid digital asset management strategy in place.
What are the top three challenges when it comes to accounting for crypto?
A few challenges facing our industry today include getting the data which is scattered amongst many wallets, lack of accounting pronouncements by governing bodies and that the landscape is always changing from a legal or even operational standpoint as new coins hit the market.
What's the future of crypto accounting?
I am excited for the future of crypto accounting as tech companies are out there building solutions that will make our lives easier and by far Blox is at the top of my list of solving my stress point.