CHICAGO, June 13, 2024 (GLOBE NEWSWIRE) — Formidium launches “Crypto Backoffice™” – An integrated Web3 platform for crypto market participants. The platform revolutionizes the tracking and accounting for digital assets for independent traders, asset managers, investors, corporates, outsourced CFOs, fund administrators, accounting firms, and more. Crypto Backoffice™ automates general ledger accounting, tax reporting, compliance along with Investor onboarding and KYC/AML for crypto participants. In addition, the platform facilitates the listing of fund/strategies to enhance access to market, technology, and service for crypto participants.
Rakesh Kumar, CTO of Formidium remarked, “Crypto Backoffice™ aims to empower the crypto traders, businesses, market makers, fund managers, investors and Web3 experts with an integrated solution that streamlines their back-office operations, effectively navigating the complexities of Web3 reporting more effectively. We seek to redefine the crypto accounting landscape with accuracy, transparency, and compliance in the intricate world of Web3.”
Key Features of Crypto Backoffice:
Licensed Product: Available as a licensed product for unified tracking and accounting of digital assets.
Alts Marketplace: A convergence point for investors, fund managers, and service providers in the alternative investment sector, providing access to platforms and communities for marketing and selecting products and services.
User Console: An Intuitive user platform with simple dashboards to track digital asset activity and an interactive CRM to manage investors.
Integrated Exchanges and Wallets: Automatically fetches data using direct API connections to over 100+ exchanges, blockchains, DeFi protocols.
Optimizing Tax Efficiencies: Choose from various tax lot methods with capabilities of handing large volume of transactions.
Audit, Tax and Comprehensive Reporting: Automate investor statements, Financial Statements (complete with footnotes) and access data for regulatory reporting.
Tech Support: Solution experts and product support team seamless migration of historic data and product navigation.
Secure and Scalable Platform: SOC 2 (Type II) audited platform that allows easy scalability and best in class cybersecurity.
Service Add-Ons: Crypto Backoffice™ has teamed with expert service providers to offer outsourced services in addition to the software license.
About Formidium:
Formidium Corp., Downers Grove, IL (USA), is a global investment fund administration services and technology provider with over $28 billion in Assets under Administration across 1,250+ clients covering 26+ jurisdictions. Formidium has developed its proprietary technology for fund accounting (Crypto Backoffice™) and for Investor onboarding & reporting (Crypto CRM). Formidium also offers a marketplace for alternative investments to HNWIs, family offices, and other institutional allocators.
Media Contact
Jaideep Malpani
info@cryptobackoffice.com
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