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A Tel Aviv based blockchain startup, Blox.io, recently launched their Blox Business platform, an accounting system specifically designed to track, report, and manage crypto assets. Dubbed the “Quickbooks for Crypto”, the Blox platform will help both companies and funds meets their various–and oftentimes complex–financial needs.
To date, Blox Business helps manage over $2 billion in crypto assets. Company projections estimate that by the end of this year, the platform will help manage more than 10 percent of the total crypto market. Blockchain pioneers like Wings, CIVIC, Chainlinker Capital, and eToro all utilize the platform to help manage their digital assets.
How Big is the Crypto Universe?
According to data gathered by CoinMarketCap, there are almost 1,600 different cryptocurrencies in circulation. To be sure, the number is ever fluctuating, as new companies debut coins and as failed startups close their doors and delist any crypto assets. Nevertheless, this represents tremendous growth, as the total number of cryptocurrencies stood at just over 1,000 in August 2017, per Benzinga.
Along a similar vein, the total crypto market cap stands at well over $400 billion. Though this is half the $800 billion-plus total market cap seen in January 2018, it still demonstrates incredible year over year growth. Since November 2017, the total market cap hasn’t fallen below $200 billion, despite this year’s increased volatility.
In conjunction with the rise of the total value of all cryptocurrencies, crypto focused hedge and investment funds are also on the up and up. More than 200 crypto hedge funds are in existence, up from 110 funds in October 2017 and about six times the number at the start of 2017.
What does this data show? If nothing else, it reveals the increasing popularity of cryptocurrencies and the need to aggregate and streamline data-based operations. This is precisely Blox’s goal–to create and provide much-needed accounting and financial tools for the ever-growing blockchain industry.
How Does Blox Fit in with the Crypto Accounting Industry?
Sonya Baumstein, a crypto accountant with New Alchemy, a blockchain consulting firm, recently noted, “The prudent crypto individual or business must keep up with regulation and develop a process to organize information relating to buying and selling of digital currencies.” She goes on to offer several pieces of accounting advice to crypto businesses and investors, ranging from not mixing addresses to keeping running ledgers of income and expenses.
As the crypto world grows, Blox and other blockchain accounting companies will presumably play an increasingly important role. The ability to automate, or at least streamline, crypto asset data feeds will be an invaluable resource for crypto business and funds, especially in a tougher regulatory environment. As the world continues to go crypto, business operations will need to keep up. This is why blockchain accounting platforms will prove to be vital.
What Exactly is the Blox Platform, and What Does it Do?
At its core, Blox is a data aggregation platform. It syncs all user wallets–whether individual, corporate, or other–and exchanges into a single account, giving money managers, accountants, and finance professionals the ability to track, manage, and distribute crypto assets from a single interface. The syncing process can be automated so that it happens at predetermined intervals, or performed manually according to a company’s specific needs.
Once all of the data has been gathered onto the platform, financiers can perform both on-the-go and in-depth analysis. For companies with cash flow and accounting needs, Blox can help make wise financial decisions to meet accounting deadlines. Crypto investors can use the platform to track assets and markets in one place, in addition to experimenting with virtual trading.
Currently, Blox offers three different plans, each tailored to the client’s needs. The “High Net” plan is best suited for high net worth individuals and traders who only need custom reporting done once a week. The “Business” plan is designed for small businesses, and custom reporting is available every day. Finally, the “Corporate” plan is ideally suited for multi-million dollar corporations who need platform access for multiple employees. With this plan, custom reporting is unlimited. Each of the plans can be accessed through the web or via Blox’s iOS and Android app. Premium platform features are unlockable through Blox’s platform token, CDT.
