Blockchain startup Libra launches enterprise application ‘Crypto Office’
Blockchain startup Libra has launched Libra Crypto Office – an enterprise application that enables funds, market makers, and exchanges to automate and optimize back and middle office processes and reporting, while improving operational and financial analysis and control.
The launch follows the startup’s recent Series A funding round in which it raised $7.8 million. Founded in 2014, Libra provides accounting, audit, and tax software for the blockchain and cryptocurrency industry.
The institutional-grade solution has been built to meet institutional investor, fund administrator, and regulatory requirements. It provides customers the information accuracy and transparency required to grow quickly while managing compliance needs.
In addition to the app launch, Libra announced two premier customers, leading trader and liquidity provider XBTO and ShapeShift, a blockchain asset exchange platform.
“We partnered with Libra because its solutions allow us to operate better,” said Philippe Bekhazi, CEO of XBTO. “Libra Crypto Office eliminates manual and inefficient back and middle office processes. The crypto markets operate 24/7/365, which means we must be able to produce accurate financial reports automatically, and in real time. Libra’s software will meet the needs of XBTO and our investors as we grow our business.”
Jake Benson, CEO of Libra, noted that while cryptocurrency transaction volume is growing remarkably, currently financial accounting, reporting, compliance, and control processes are performed manually. This is a major obstacle for organisations that are looking to scale their operations.
“Further, without the right systems and processes, institutional investors were unwilling to allocate significant capital to the sector. With the introduction of Libra Crypto Office, we will help to solve these challenges and we’re thrilled that both ShapeShift and XBTO are customers and look forward to supporting other similar organizations,” he said.