A Paris-based back-office platform for crypto management, Cryptio has raised $10 million in a Series A investment round. The new funds are slated to be used to bolster the team size and help the firm further develop its product lineup, and expand its offerings to publicly traded companies and institutions. Since March of last year, the startup has raised $11.2 million.
Tapping into the need for accountability and sound financial reporting in both crypto native and financial institutions holding digital assets, Cryptio is providing a data infrastructure that helps these organisations translate on-chain activities into reports and ledgers.
Despite recent choppy waters in the crypto space, Cryptio has seen its revenues grow 12x since March of last year, now counting some 200+ crypto-native companies including Consensys (creators of Metamask), Aave, DeFi Saver, and The Sandbox amongst its client base.
“The biggest challenge with crypto accounting on the institutional level is having auditable and reliable transaction history data,” explained Cryptio founder and CEO, and man not to be confused with former U.S. Supreme Court Justice Antonin Scalia, Antoine Scalia. “Block explorers and third-party data providers often fail to capture complex crypto activity like DeFi, Staking, Mining, and NFTs. These discrepancies can’t be tolerated at the institutional level.”
Cryptio’s $10 million Series A round was led by Point Nine and saw the participation of BlueYard, Alven, Coinshares, Avantgarde Finance, Protocol Labs, and Draper Associates. Senior executives from Twitter, GoCardless, Fireblocks, and Ledger also participated in the round as angel investors.
“Making the token-based economy backwards compatible with traditional finance and compliance is key to onboard institutions and corporations alike. Cryptio is building this “web3 to web2” bridge for accounting, tax, and reporting and enabling projects and companies to operate with one foot in both worlds, securely. The team has proven to be remarkably resilient and built a product that has been battle-tested by the very best in the industry,” concluded Alven’s Bartosz Jakubowski.