Libra is an accounting, auditing, and tax management software for the blockchain and crypto industry. Find out how it works today in our review.
What is Libra Crypto Office?
Libra Crypto Office is a software company building accounting, audit, and tax software for the blockchain and crypto industry.
The goal is to create real-time enterprise applications that automate all aspects of crypto reporting and compliance.
Obviously, today’s tax and accounting software isn’t always suited to handle the unique world of cryptocurrencies. There’s a lot of information out there, and the regulations change on a daily basis. It’s hard for traditional accounting software to keep up. Libra wants to position itself as the preferred accounting solution for the crypto and blockchain industry.
Libra currently offers three core products, including:
Libra Crypto Office:
This is 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. This platform was announced in November 2017, and it will be the first product launched by Libra in the near future.
Libra Blockchain Audit Tools:
This is an enterprise application that leads to easier auditing. It allows information systems auditors to conduct real-time, continuous auditing and monitoring of distributed ledger systems (i.e. blockchains). This platform is scheduled to launch in 2018.
Libra Enterprise Platform:
Libra’s enterprise platform provides institutional-grade blockchain and cryptocurrency ecosystem connectivity, standardization, and data delivery in a scalable, secure, and fully auditable environment. It’s built to be the ultimate solution for blockchain and crypto enterprises.
What Problems Does Libra Seek to Solve?
Libra announced its first product, Libra Crypto Office, in November 2017. The company described the benefits of that software in a blog post.
The overall goal of the platform is to create unified standards across the world of cryptocurrency accounting, auditing, and tax management. Today, there’s no easy way to connect, extra, and aggregate data from the blockchain and cryptocurrency ecosystem. Distributed, decentralized data lacks uniformity. Quality, consistency, and transparency varies across data sources. All of these traits make the industry a nightmare for traditional accounting software. Today’s back and middle office processes, explains the blog post, “are inefficient, error-prone and in need of an enterprise upgrade.”
One example is when an exchange platform lists bitcoin as XBT, while another exchange lists it as BTC. What happens if there’s a fork? Now the accounting software might potentially manage 4 different acronyms. How can companies efficiently reconcile and report current and prior periods for stakeholders? When you add in the 1300+ altcoins on the market, it’s easy to see why things get confused.
The end result is that users need to track and reconcile millions of lines of data manually or with retrofitted applications that aren’t blockchain-native, which makes any type of analysis or reporting for financial, performance, or tax purposes inefficient, and gives them a high likelihood of errors.
Libra aims to solve all of these problems. Until someone – like Libra – solves these problems, it’s difficult for institutional investors and major enterprises to move into the space.
How Does Libra’s Blockchain Accounting Software Work?
Libra Crypto Office, the first product announced by the company, aims to add value through a three stage process:
- First, Libra offers a single on-ramp connecting to exchange platforms, blockchains, and other data sources within the ecosystem
- Second, the solution constantly normalizes and enriches millions of transaction records using real-time data processing engines
- Third, Libra assembles actionable insights and reports like trading, inventory, and tax information that can also be delivered to other enterprise systems via APIs
Overall, Libra wants to be the premier accounting and tax software for the blockchain and cryptocurrency industry. It’s like QuickBooks for enterprise users in the crypto space.
Who’s Behind Libra?
Libra was founded in New York City in 2014. The company is led by CEO Jake Benson.
In November, Libra announced a $7.8 million Series A round led by a prominent, multi-billion-dollar European family office. That round also featured Liberty City Ventures, XBTO, Boost VC, and Lee Linden.
Libra has already brought on two major industry players as clients, including market maker XBTO (which also participated in the Series A funding round), and popular altcoin exchange service ShapeShift.
Libra’s software will be SOC1/TYPE2 certified in 2018.
Libra Crypto Office Bitcoin Taxes Software Conclusion
Libra aims to provide superior accounting, audit, and tax software for companies in the crypto and blockchain industry. The company’s automated software solutions simplify the onboarding process, unifying data across multiple sources and blockchains. Libra aims to position itself as the preferred accounting software for enterprises in the blockchain and crypto industry.
Libra’s first product, Libra Crypto Office, was announced in late November. To learn more about the company, visit online today at Libra.tech.