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October 31, 2017

New Cryptocurrency Accounting and Audit Platform Launched

VeranetVerady, a cryptocurrency accounting and audit technology company, is formally announcing a strategic partnership with Aprio, a nationally-recognized CPA-led business advisory firm, headquartered in Georgia.

Verady has been working closely with Aprio over the past several years to assist with auditing one of the world's largest cryptocurrency payment processing companies. Today, Verady officially launched the platform that made all of this possible, VeraNet.

Aprio has worked with the Verady team to successfully complete a number of audit engagements over the past several years.

"With the assistance of the Verady team and the VeraNet platform, we were able to efficiently complete our financial statement audits, including a complete reconciliation of the bitcoin transactions and bitcoin assets held by our customer," said Jagruti Solanki, Assurance Senior Manager at Aprio. "Through our partnership with VeraNet we will now be able to provide a wide array of financial assurance services to companies and their third-party intermediaries that use cryptocurrencies or the blockchain in their everyday business."

Understanding how blockchain assets align with Generally Accepted Accounting Principles (GAAP) is crucial to the adoption of cryptocurrency for everyday use. The founders of Verady intend to lead the way and have been working in the space since 2013.

"The idea for VeraNet was developed four years ago as an audit solution to verify bitcoin asset control, transaction volumes, and historical balances. With cryptocurrency not having widespread adoption yet and a market cap of under one billion, the timing wasn't quite right then," said Nathan Eppinger, CTO of Verady.

Recently, the market capitalization of Bitcoin and other blockchain assets have surged to more than $175 Billion. "The growth of all cryptocurrency has been very exciting to see this past year, but the use of cryptocurrency comes with challenges. We created Verady to assist companies with the challenge of financial accountability associated with the use of blockchain assets," said Kell Canty, CEO. As the VeraNet platform expands, it will incorporate accounting platform integrations, tax liability calculations, more complex financial reporting, and a wider variety of use cases.

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