6 months ago
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Given that there is no exact timeframe regarding when to expect new official regulations, Harris and Trotter Digital Assets assists crypto projects in bookkeeping for their crypto holdings and transactions.
London-based crypto accounting firm Harris and Trotter Digital Assets recently raised $10 million in a new funding round, valuing the company at $85 million. With this funding, the firm aims to tackle accounting issues faced by Web3 projects.
Funding Sees Massive Support
As revealed in a press release shared with Coinspeaker, the Orbs, a public blockchain infrastructure, was the main backer of the funding round. Other supporters include RE7 Capital, Kingsway Capital, and well-known personalities of the Web3 community.
Harris and Trotter Digital Assets offers services including bookkeeping, audit, accountancy, corporate tax, Proof of Reserves, and off-ramping. Its proficiency also extends to helping shape the UK regulatory framework through its membership with organizations like BKR and Web3CFO.
The company’s clientele encompasses crypto exchanges, market makers, decentralized games, entities in the metaverse, NFT producers, miners, DeFi protocols/interfaces, and many others. In the crypto space, Harris and Trotter Digital Assets have worked with Oasis, Irys, 1inch, and Blockchain.com, amongst others. Over 45 people make up the complete staff count.
With the $10 million investment, Harris and Trotter Digital Assets aims to expand its current circa 500 crypto-native clients, broaden its technology services, and improve its SAAS products. Additionally, the fund will aid in bringing a deeper technological focus to the digital asset professional services firm.
Nicholas Newman, CEO of Harris and Trotter Digital Assets commented on the funding, stating:
“This strategic investment aligns us with some of the largest movers and shakers in this industry, which allows us to grow our technological arm further as we release our growing suite of SAAS products and services.”
Ran Hammer, VP of Business Development at Orbs added:
“The team now looks to operate on the cutting edge of financial technology, delivering tools such as proof of reserves. This is particularly interesting as it’s where Orbs’ technology could be leveraged to ensure all data is trustworthy, accurate, and verifiable.”
Harris and Trotter Tackles the Bane of Crypto Accounting
Navigating crypto accounting is extremely difficult as many investors are unaware of or simply confused about the existing requirements for reporting and paying taxes on crypto transactions. Learning successful crypto trading is a never-ending process due to the ever-changing crypto market.
Also, the global crypto regulatory climate is becoming tighter, resulting in the establishment of complex legal frameworks that govern the operations of entities like exchanges, banks, investment firms, brokers, and other financial players, particularly in Europe.
Given that there is no exact timeframe regarding when to expect new official regulations, Harris and Trotter Digital Assets assists crypto projects in bookkeeping for their crypto holdings and transactions. The company’s Proof of Reserve service is powered by Chainlink to ensure transparency in clients’ on-chain and off-chain reserves. The Chainlink technology helps in maintaining its versatility across multiple blockchains.
