Cryptio, a crypto accounting firm, has closed a $1.2m seed funding round led by Tim Draper’s VC fund, Drapers Associates.
The round was also supported by Consensys, Outlier Ventures, SGH Capital, and a number of individual investors and business angels.
Cryptio will use the funding to support its aim in integrating digital assets with legacy financial reporting tools and standards.
This will in turn increase the automation, transparency, and ease of booking banking transactions.
Tim Draper, founding partner at Draper, said: “I look forward to a time when I operate completely in bitcoin, where all my records are kept on the blockchain and all my distributions occur via smart contracts.
“Cryptio solves a key problem in allowing accounting to transcend the currency businesses operate in, so they can focus on providing more and better services to their customers–who pay with whatever currency they prefer–without wasting money on accountants translating currency for every transaction.”
Cryptio also revealed the release of v2 of its tool box product for Q2 2021, bringing increased scalability and automation to accounting processes.
The firm is also aiming to expand its team members, with plans to hire a product manager and designer.