Harris and Trotter Digital Assets Raise $10M to Enhance Crypto Accounting

by

As a researcher with experience in the crypto and blockchain industry, I am thrilled to see Harris and Trotter Digital Assets secure $10 million in funding, valuing the company at $85 million. This investment is a testament to the growing importance of accounting services for Web3 projects and the demand for professionals who can navigate the complex regulatory landscape of the crypto space.

A London-based digital asset accounting firm, Harris and Trotter Digital Assets, has successfully secured $10 million in its latest financing round, giving the company a valuation of $85 million. The fresh capital will be used by the team to address complex accounting challenges specific to Web3 projects.

Funding Sees Massive Support

In a recent announcement to Coinspeaker, it came to light that Orbs, a publicly accessible blockchain framework, served as the primary investor in the financing event. Additionally, other contributors were RE7 Capital, Kingsway Capital, and notable figures within the Web3 community.

Harris and Trotter Digital Assets specialize in various financial services such as bookkeeping, auditing, accountancy, corporate tax preparation, Proof of Reserves, and facilitating off-ramping transactions. In addition, they play a significant role in shaping the regulatory landscape in the UK by being part of professional organizations like BKR and Web3CFO.

In the cryptocurrency industry, Harris and Trotter Digital Assets collaborate with a diverse range of clients including crypto exchanges, market makers, decentralized gaming platforms, metaverse entities, NFT creators, miners, and DeFi protocols/interfaces. Notable partnerships include Oasis, Irys, 1inch, and Blockchain.com. The team comprises over 45 individuals.

With a $10 million investment, Harris and Trotter Digital Assets plan to grow their existing base of around 500 crypto clients, enhance their technology offerings, and upgrade their Software-as-a-Service (SaaS) solutions. Furthermore, the funds will support the firm in enhancing its technological expertise as a digital asset professional services provider.

Nicholas Newman, CEO of Harris and Trotter Digital Assets commented on the funding, stating:

“By making this strategic investment, we’ll be joining forces with major players in this industry. This partnership will help us expand our technological capabilities, enabling us to launch an increasingly robust collection of Software as a Service (SaaS) offerings and solutions.”

Ran Hammer, VP of Business Development at Orbs added:

“Now, the team aims to work at the forefront of fintech innovations, providing solutions including proof of reserves. This is intriguing because it’s in this sector that Orbs’ technology can be effectively utilized to guarantee the authenticity, precision, and verifiability of data.”

Harris and Trotter Tackles the Bane of Crypto Accounting

Crypto account management poses a significant challenge for many investors, as they may be unfamiliar with or misconstrue the regulations governing reporting and taxation of cryptocurrency transactions. Mastering profitable crypto trading is an ongoing endeavor given the volatile nature of the digital currency market.

As a regulatory analyst, I’ve noticed an increasing trend towards stricter global crypto regulations. Consequently, intricate legal structures have emerged to oversee the activities of key players in the crypto economy, including exchanges, banks, investment firms, brokers, and other financial institutions. This is particularly evident in Europe.

Without a specific timeline for the arrival of new regulatory guidelines, Harris and Trotter Digital Assets provides a solution for crypto projects by managing their crypto asset accounting and transactions. Their Proof of Reserve system, reinforced by Chainlink, ensures openness in both on-chain and off-chain reserves. The utilization of Chainlink technology enables the service to remain adaptable across various blockchain platforms.

Read More

2024-05-02 13:51