Every few weeks, Blox reaches out to our friends, colleagues and clients in the industry to learn more about what they are working on, their company projects and to discover some of their crypto accounting challenges.
One customer we are extra excited to share with you is Baker Tilly Cayman, a leading crypto and insurance audit firm in the beautiful Cayman Islands. We had the opportunity to speak with Julian van Zyl, an Audit Manager at Baker Tilly Cayman about what’s next in their industry and how they are using the Blox platform.
The world of tax, accounting, auditing and crypto is changing at a blinding speed. It is more important than ever for businesses and professionals to realize this too. The crypto and blockchain world may soon see a day where accounting, tax and auditing firms will be working hand in hand in order for digital assets like Bitcoin to succeed.
Handling cryptocurrency tax, accounting, auditing and compliance is becoming increasingly difficult, that is why we chose to highlight Baker TIlly Cayman for this week’s Customer of the Week!
What is Baker Tilly Cayman?
Baker Tilly Cayman is an audit firm based in the Cayman Islands that focuses on the financial statement audits of both conventional and cryptocurrency-focused hedge funds and insurance companies registered in the Cayman Islands. Baker Tilly Cayman was one of the first members of the Blockchain Association of the Cayman Islands, and remains one of the only audit firms that are part of this association. Our team is highly skilled and our firm places considerable focus on client service and providing exceptional value.
Tell us about yourself; What is your role at the company?
I’m Julian van Zyl, one of Baker Tilly Cayman’s audit managers. I’ve been in audit for seven years, and am a Certified Bitcoin Professional, hold a Diploma in Cryptocurrency, a IT-related diploma from Cambridge University and have completed The Blockchain Academy’s Advanced Blockchain Course.
I’m currently enrolled for the Cryptocurrency and Disruption course from the London School of Economics, which I’m looking forward to starting soon. My cryptocurrency knowledge, combined with my financial background, has led to one of my key tasks: Develop the audit methodology employed for cryptocurrency hedge funds and to ensure that technology is being appropriately used to maximise audit assurance and efficiency while maintaining a high level of service.
What led to your interest in cryptocurrency?
I first became involved in cryptocurrency in 2015 when I was approached, in my private capacity, by a cryptocurrency-related start-up that received 300 BTC in seed capital from Tim Draper. They asked me to provide assistance with their compilation of financial statements and tax obligations, and this was a valuable opportunity for me to understand the technology and their strategies.
Since this initial exposure five years ago, my interest and knowledge of the technology has grown as exponentially as the price, and the confluence of the global boom in the value of cryptocurrency assets and my audit background has led to me being in the fortunate position of understanding both worlds and being able to provide quality services to our cryptocurrency-related clients in this space while speaking their language.
What is the future of your company’s specific industry?
The future for audit in the Cayman Islands could not be brighter. Due to recent legislative changes, the audit industry in Cayman is currently experiencing a significant influx in audit clients. We’ve also seen consistent growth in the cryptocurrency fund space, with market-neutral arbitrage and algorithm-based trading strategies becoming increasingly popular, as well as private equity funds that invest in blockchain-related companies and token offerings becoming more common.
How is your company using the Blox platform?
We use Blox, amongst other solutions, as a tool to efficiently access trade and balance data on a read-only basis from our clients’ exchange accounts and wallets. We’ve found this solution to significantly smooth the audit process for cryptocurrency hedge funds audits by reducing the amount of data that the client needs to provide to us.
Additionally, it substantially reduces the amount of time spent by our team on programming and maintaining API access to a multitude of different cryptocurrency exchanges. The efficiencies obtained have translated to us being able to reach our objective of providing high quality cryptocurrency audits to our clients at a reasonable cost.
On that high note…
Blox would like to thank Baker Tilly Cayman and Julian van Zyl for taking the time to speak with us! Not everyone can make it out to the beautiful Cayman Islands, but you can at least learn more by visiting them online!
Thank you for joining us!