The following is an excerpt from “The Need For Trusted Crypto Accounting Solutions, A Goal To Be A Leader In Corporate Governance” which was originally published on BitcoinMagazine.com
Following a token sale in 2017, Storj’s financial complexity changed dramatically and this, in essence, is how Storj came to find Verady and its Ledgible system for crypto-based accounting and reconciliation.
“We were working on version two of the platform, it was live and we were doing something on the order of magnitude of 100,000 micropayments a month,” explained Matthew May, Storj’s CFO. “Generally, we are always trying to have the best practices for how things were being tracked and managed, but it was challenging to have a single source of truth for what the company’s total crypto holdings and activities were looking like in real time.”
Verady’s offering stood out for its on-chain transactions focus when May conducted a comprehensive search of the platforms available to help Storj Labs accurately track and manage its (crypto) accounting. The platform’s ease of use and integrations with outside accounting platforms proved critical for Storj, and the company soon realized significant cost savings in tracking Ethereum’s gas payments alone. It also became a leader in cryptocurrency governance and compliance using the tools from Verady.
“Storj strives to be an example for corporate governance and how to do things the right way in this new world,” May explained. “We have a strong desire to lead the way in reporting to our stakeholders as evidenced by our quarterly token report. Ledgible is the primary source of truth for that report. It enables a layer of transparency that we want to deliver, but the process was a challenge before Ledgible.”
Before Verady, Storj (like many decentralized businesses) managed its (crypto) accounting and reconciliation manually — oftentimes using an array of spreadsheets to track thousands of transactions. This approach may be convenient at first but lacks the functionality needed as businesses scale.
“For companies that are tracking crypto and performing reconciliation manually or have built some home-grown solution, the value proposition for Ledgible is really simple,” May said. “Your focus should be on the execution of your business. Period. Even though we’re in the crypto space, we depend on proven solutions like Ledgible to handle the complicated and ever-changing world of crypto accounting so that we have more time to spend on our own fundamentals.”