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Get a complete and real-time view of your crypto portfolios to monitor, track and assess your overall financial health effortlessly with TechDogs’ Top 5 Crypto Accounting Software Of 2024! Read on! https://lnkd.in/dHQeB7AT Gilded Accointing Bitwave CoinLedger SoftLedger #Crypto #AccountingSoftware #CryptoAccounting #followus #staytuned #stayconnected #technology #trending #trendingnow #trendingpost #explore #explorepage #techdogs

What makes the functionality of BlackRock's money market account on Ethereum different? First, a brief intro to the fund: 1. Blackrock's BUIDL money market fund holds treasuries, cash, and repos. 2. It pays a yield to the asset holder's wallet. 3. Each unit of the fund maintains a $1 peg. Nothing special here. So what's special? And why should you care? In my opinion, it all comes down to the functionality of public blockchains as *global asset/accounting ledgers.* If you understand these 5 items, you'll understand why *all* assets will eventually be tokenized on public blockchains. 1. The ledger itself. Ethereum is a global asset/accounting ledger. It's really good at keeping track of who owns what. And Blackrock doesn't have to pay for that — they outsourced the capex to a global network of individuals running the network. 2. Network Effect. As a global asset manager, Blackrock is making a bet that their customers (and even competitors) will have Ethereum wallets in the future. If this is true, anyone in the world (subject to KYC) can interact peer-to-peer with assets issued by Blackrock — with Ethereum's decentralized network of computers maintaining the ledger of who owns what. 3. Multi-functionality of the asset. Because Blackrock's BUIDL is issued on Ethereum as a token, if a user sends their BUIDL tokens to another user, the yield goes with it — automatically sent to the wallet that now holds the asset (again, Ethereum handles the accounting of all of this automatically for Blackrock). 4. Re-read #3. Spendable cash could become a yield-bearing asset as stablecoins/money market accounts proliferate on public blockchains. 5. Efficiency. By issuing the assets onchain, Blackrock utilizes a global, public accounting ledger rather than the maze of private ledgers used today. This removes the need for onerous and complex reconciliation and decreases financial instability risk related to the rehypothecation of assets — and the related accounting issue rooted in disparate, private accounting ledgers. ---- At the end of the day, asset managers such as Blackrock make money by issuing and managing assets for their clients. Public blockchains are just a new way to 1) create new financial products, 2) account for those financial products. The primary winners when it's all said and done? 1. The fast-moving incumbents. 2. The public blockchains that issue and settle the assets. [TradFi + Crypto will win together] Data: Blackrock's BUIDL money market AUM powered by Token Terminal (link in the comments for a *free* PRO Account, normally a $4k value). P.S. The Q1 issue of The Ethereum Investment Framework will be published 4/17. It covers topics such as this one and much, much more. If you'd like to access the flagship quarterly report when it's released next week see the link in the comments.

💡 Thoughtful yet simple benefits of redefining asset management with "all assets onchain" in the new blockchain era

Great summary about why BlackRock's new fund (which issues fund shares as tokens on a public blockchain) is useful and important. Note on the transparency: Token Terminal is a good way to easily track how big the fund is (you can also do it yourself but that doesn't give you the nice graphics). You can also find more about the fund in one of our recent posts here: https://lnkd.in/d3qy5pEw #blockchain #finance #investments #blackrock #BUIDL #transparency #ethereum

We've joined forces with Cryptio to support financial reporting standards for digital assets. This strategic alliance empowers enterprises to navigate the complexities of the digital asset landscape. Cryptio's cutting-edge technology ensures complete and auditable data, while we bring deep industry knowledge to enhance internal controls and meet regulatory obligations. Together, we provide a comprehensive solution that streamlines digital asset accounting practices and fosters trust in the crypto industry. Read more: https://ow.ly/gaTk50SFpBE

Crypto exchanges and brokers, Shift Markets and Cryptio are partnering to help the next generation of enterprises meet regulatory requirements for digital asset licenses. Exchanges, funds, stablecoin issuers and banking institutions can now benefit from: 1. End-to-end automation for crypto exchanges and brokers with Cryptio’s back-office OS and Shift Markets’s marketplace infrastructure. 2. Reporting suite to help meet requirements for FinCEN, MTL, PSP, MiCA and VARA licenses. 3. Simplified data reconciliation and accounting processes. 4. GAAP- and IFRS-compliant reports to help you manage regulatory complexities across various jurisdictions. Read how Cryptio and Shift are streamlining the path for regulatory reporting compliance > https://lnkd.in/dvTT4Arf

Tokenization is the future of money markets and many other real world assets. BlackRock's BUIDL money market is revolutinizing the interactions of users with money market products through it's enhanced accessibility and more democratized accessibility

We’ve got a new movement in the crypto back-office, and it’s called SoDA. Here’s the thing: The Statement of Digital Assets isn’t just another reporting framework; it’s the future of digital asset transparency. Let me explain: SoDA bridges the gap between GAAP and blockchain data, giving companies the ability to provide full clarity on their digital holdings. Led by visionaries like Samuel Leichman, Palash Agarwal, CPA, Ken Fromm , Zachary Gordon, CPA, Mackenzie Patel, CPA, RYT, Brent Gerundo, Drew Henderson and Emily Westerhold, SoDA is setting the stage for a new era in crypto financial reporting. This isn’t just about compliance—it’s about building trust, enhancing transparency, and reshaping the way finance professionals understand digital assets. With the SoDA Symposium just around the corner, we’re beyond excited to see the updates and how they will shape the future of digital reporting. Finance professionals, this is the moment to engage and dive deeper into what SoDA can bring to your financial reporting. Have you considered adopting SoDA in your company’s financial stack? Read the article below to understand the role of a sub-ledger in getting CFOs and Accountants up to speed in crypto accounting and reporting. 👉 https://lnkd.in/dGdwybRT

Proper tracking and visibility in digital assets is crucial. We spoke The Block to cover the basics of #crypto #accounting and explain how tools like Ledgible can help enterprises and institutions in the space. https://bit.ly/42BljM0 #cryptoaccounting #digitalassets

As we approach the mandatory adoption date for the FASB's new crypto asset accounting rules, I'll let you in on a secret... you may be valuing digital assets incorrectly, and it may be put your financials at risk come audit time (no one wants to be on the SEC's naughty list!). Under the new guidance, in-scope digital assets must be accounted for at fair value (hurray!) and the FASB determined that companies should use the existing guidance outlined in ASC 820 when determining fair value measures. As part of this process, companies need to identify the principal (or most advantageous) market for the assets they're accounting for (pro tip: as outlined in the AICPA's digital asset practice aid you should not be relying on pricing aggregators as the pricing source for your fair market values). This is quite different for crypto assets when compared with traditional financial assets, primarily because there are so many markets where these assets are accessible (for example, if you want to buy Nike stock, you go to the NYSE... but if you want to buy BTC, there are a plethora of exchanges to go to). — Here are 4 tips to performing audit-ready principal market analysis: 1. Understand the Regulatory Framework ASC 820 provides our guiding principles, emphasizing markets with the greatest volume and activity. Adapt these concepts to crypto's dynamic nature and to the facts and circumstances of your organization. 2. Identify Potential Markets for your organization Consider all trading venues: centralized exchanges (e.g. Coinbase, Gemini), decentralized exchanges (Uniswap, SushiSwap), over-the-counter (OTC) markets, etc. and then identify which markets your organization has access too (i.e. you won't include all markets in your analysis). Different assets may have different principal markets. 3. Set a policy for how you will determine trading volume and perform your principal market analysis Define a period of time from which you will look at trading activity (e.g. quarterly) and determine the types of trading activity that you will include in your analysis (e.g. crypto to fiat, crypto to crypto, crypto to stable coin). Then determine which of your relevant markets have the greatest trading volume based on your policy setting. The results of this analysis will drive your principal market determination. 4. Reperform your principal market analysis on a regular basis Markets can change quickly, so you should be re-evaluating your principal market on a regular basis, as defined by your policy. TaxBit has recently launch its Principal Market Analysis tool to make this process simple and easy so you can get your pricing source correct and ensure it is supportable to your auditors (and the SEC). Reach out to learn more!