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The Need For Trusted Crypto Accounting Solutions, A Goal To Be a Leader in Corporate Governance

Sponsored: Following a token sale, Storj came to find Verady and its Ledgible system for crypto-based accounting.

The post The Need For Trusted Crypto Accounting Solutions, A Goal To Be a Leader in Corporate Governance appeared first on Bitcoin Magazine.

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This is a sponsored article provided by Verady.

Decentralized cloud storage platform Storj Labs is one of the most exciting projects in the blockchain-based technology space. Embodying many of the best qualities of decentralized and new cryptocurrency technologies — including peer-to-peer functionality, open-source development, encryption and blockchain-powered payments — it is designed to make a core function of our digital world faster, cheaper and more secure.

But when any cutting-edge project gets to a certain size, it will invariably need to leverage the tools provided by its peers. 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 accounting. After evaluating various industry solutions, Verady’s Ledgible was a good fit for the needs of the company. 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 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. 

“As we scaled the number of Storage Node Operators we needed to pay on a monthly basis, we found an increasing need for a solution that would help us better track ETH gas fees,” May said. “At the time, we were sending out tens of thousands of payments each month, which scaled to over 100,000 and even a slight decrease of fees on each transaction could help us capture significant savings.”

Verady recently completed a System and Organization Control (SOC) audit for its Ledgible platform as part of its commitment to integrity and trust. Accuracy and quality of data is a priority for the Verady team so it can offer a solution that meets high standards and integrity. SOC is a universal framework developed by the American Institute of Certified Public Accountants (AICPA) to verify compliance and a strong system of internal controls by financial and technological institutions.

The Growth of Ledgible, in Partnership With Storj

The partnership between Ledgible and Storj has benefited both companies and their early adopters. As one of the first significant adopters of the technology, Storj has provided feedback and real-life use cases that have helped inform Verady’s refinement of its accounting and reconciliation solution.

Ledgible’s feature set and early roadmap were shaped by Storj as an early adopter. They were a great help,” said Verady Co-Founder Kell Canty, “Their forward-looking requests for Ledgible to incorporate tracking, reporting and compliance of their own token is a fantastic use case outside of the other core capabilities. It also shows their dedication to financial transparency and responsibility.”

After becoming a Verady client, May also joined Verady’s advisory board to help the team building Ledgible better understand the needs of users, particularly CFOs and those who are responsible for the regular accounting of a company’s crypto holdings. 

It’s this kind of flexibility and potential for growth that Verady feels is critical to Ledgible’s continued success. For instance, with new regulatory guidance for the industry arriving from federal agencies (and more sure to come), Verady will ensure that its product evolves as well.

Verady’s commitment to providing best-in-class offerings that support the cryptocurrency ecosystem, even as the space changes, has resonated with Storj’s and Verady’s other customers. The approach has resulted in clients, including Storj, who not only use Ledgible but also recommend the platform to peers throughout the industry.

“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.”

Tax Solutions, More Innovations To Come

The Internal Revenue Service (IRS) has released current guidance regarding tax treatment of crypto assets, and Verady has been hard at work on extending Ledgible’s platform and its tax capabilities in accordance with this guidance. 

“Lately, we are seeing increased activity and enforcement from regulatory agencies in the United States, particularly the Internal Revenue Service,” Canty said. “We are proud to continually provide best-in-class, certified crypto auditing and accounting solutions. Now we are leveraging that expertise in the area of cryptocurrency tax as well.”

Global tax and accounting giant Thomson Reuters and Verady recently announced a collaboration on their Virtual Currency Organizer to help taxpayers have certainty on their transaction history and underlying crypto assets.  With a button click, Ledgible users or their CPAs can create reports ready for Thomson Reuter’s GoSystem Tax and UltraTax — both of which integrate this cryptocurrency data to streamline preparation and minimize audit risks with full data auditability.

And how does May view the new tax solution and focus on continued innovation?

“Their well-documented commitment to innovation is a real gift to the crypto industry,” he said, “They have an accounting solution that provides us with everything we need to prepare our corporate tax returns in an environment that seems to be ever changing. We greatly value the relationship as we continue to strive to be a leader in compliance in this emerging space.”

The post The Need For Trusted Crypto Accounting Solutions, A Goal To Be a Leader in Corporate Governance appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/the-need-for-trusted-crypto-accounting-solutions-a-goal-to-be-a-leader-in-corporate-governance?utm_source=rss&utm_medium=rss&utm_campaign=the-need-for-trusted-crypto-accounting-solutions-a-goal-to-be-a-leader-in-corporate-governance

Blockchain

SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project

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SafeEarth

Bitcoin Press ReleaseBlockchain eco project SafeEarth has donated over $100,000 to TheOceanCleanUp charity with more donations planned for other global charities. 

 

16th April, 2021, London, UK SafeEarth, a blockchain eco project, has donated over $100,000 to community selected charity TheOceanCleanUp. The donated funds will help towards the removal of plastic waste from the planet. This generous donation represents the first act of SafeEarth’s continuing initiative to help charities across the globe. 

 

The money was raised from SAFEEARTH token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet.

 

The Ocean Cleanup Head of IT Steven Bink offered his thanks to Safe Earth on Twitter, stating: 

 

Dear SafeEarth community. On behalf of the entire crew at The Ocean Cleanup, I would like to thank you for this very generous donation. We are also honored that you chose The Ocean Cleanup to be the first charity to receive this gift from @SafeEarthETH”

 

Safe Earth & Earth Fund

Deforestation, pollution, global warming and many other factors have had an adverse effect on the environment for decades. As the world shifts more towards renewables and eco-friendly alternatives, initiatives like that of  Safe Earth represent a changing mentality in industry 

 

SafeEarth’s sole focus is to generate capital and build a community which is able to repair the ecological damage done to the planet. Safe Earth also collaborates with another green charity called The Earth Fund, which has raised around 50 ETH ($125,000 at the time of writing) to be used for similar causes. 

 

#PlasticChallenge

As a part of their plan to raise awareness for ecological causes SafeEarth have also started a #PlasticChallenge on twitter, which urges people to get rid of plastic waste. The challenge (which launched on 27th of March) rewards users from a prize pool of $3,600 in SAFEEARTH tokens. 

 

In the short time since the challenge began the SAFEEARTH token has been listed on the number one DEX Uniswap, recorded $3 million in trading volume and locked away more than $1.5 million in liquidity. 

 

SAFEEARTH Token Burn & Benefits

The SAFEEARTH token is a deflationary asset that uses an autonomous yield and liquidity generation protocol. Each transaction charges a total of 4% in fees, which is then broken up evenly with 1% going to charities, 1% refunded to holders, 1% for advertising and 1% token lock-ups to increase liquidity. By burning at least 50% of the total supply after launch, (which will go to a black hole address) SafeEarth ensures increased token scarcity and liquidity. 

 

$SAFEMARS

$SAFEMARS is the sister token to SafeEarth and available on PancakeSwap exchange. The token uses very similar tokenomics to SAFEEARTH and over 50% of the tokens have already been burned. As none of the transaction fees from SafeMars go towards charity the company has chosen to give more back to users, with a total of 2% going instantly back to the holders wallets and the other 2% is auto-locked to increase scarcity and liquidity. Right now the number of $SAFEMARS holders is growing steadily with 93,699 holders at the time of writing. 

 

Save Earth Through Safe Earth

Harnessing blockchain technology through it’s unique protocol in the interest of both charitable giving and community incentives is helping SafeEarth to stand out from its competition. This $100,000 donation is just the beginning of the company’s mission to effect a lasting and positive change to the planet. 

 

SafeEarth blockchain eco project is already gearing up for another large donation with another 35 ETH (roughly $87,600) reserved for 5 charities that focus on humanitarian causes, such as access to clean water and wildlife preservation. The charities will be chosen by the SafeEarth community and will be announced on Earth Day, April 22nd, 2021. 

 

Media Contact Details 

Contact Name: Bitcoin PR Buzz Press Team

Contact Email: press@bitcoinprbuzz.com  

 

Learn more about SafeEarth https://safeearthcrypto.com/ 

Buy SafeEarth Coin on Uniswap https://app.uniswap.org/#/swap

Take off with SafeMarshttps://www.safemarscrypto.com/index.html

 

About Bitcoin PR Buzz 

Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 9 years. Get your Bitcoin Press Release Distribution today.

 

SafeEarth is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

Source

The post SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project appeared first on Bitcoin PR Buzz.

Bitcoin PR Buzz – World´s First Crypto PR Agency with 9+ Years, 900+ clients, 1500+ press releases

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Source: https://bitcoinprbuzz.com/safeearth-donates-100000-to-theoceancleanup-kicking-off-blockchain-eco-project/

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Blockchain

Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?

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Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.

The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday.

Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied “the real jet fuel” for the pump with their tweets and TV appearances.

“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” wrote Einhorn, according to Markets Insider.

Amid the orchestrated short-squeeze on GameStop by redditors on r/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase “Gamestonk!!” accompanied by a link to the WallStreetBets sub-reddit.

Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 — an 18,693% increase on the stock’s value just nine months earlier.

Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street.

Einhorn said that “quasi-anarchy” now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where “the laws don’t apply to [Elon Musk]” to the defunding of the police force.

“Many who would never support defunding the police have supported — and for all intents and purposes have succeeded — in almost completely defanging, if not defunding, the regulators,” said Einhorn.

Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk’s tweets may have acted as a catalyst for the coins’ gains at the time, and warned that such tweets could attract SEC attention.

Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked “dogs and memes.”

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Source: https://cointelegraph.com/news/did-elon-musk-s-jet-fuel-set-gamestop-and-bitcoin-ablaze

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Blockchain

Turkey to ban cryptocurrency payments

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A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.

According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.

The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.

While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.

Payment providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when they first entered the Turkish market to provide a lira onramp for several different cryptocurrencies. 

This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways. 

Historically, the Turkish government has always had a tight grip on the payment ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.

Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.

Additional reporting by Cointelegraph Turkey’s Emre Günen.

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Source: https://cointelegraph.com/news/turkey-to-ban-cryptocurrency-payments

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