Verady Launches VeraNet, a Cryptocurrency Accounting and Audit Platform
Top 100 Accounting Firm Aprio Successfully Uses VeraNet for Audit
Oct 23, 2017, 12:00 ET
LAS VEGAS, Oct. 23, 2017 /PRNewswire/ -- Verady, a cryptocurrency accounting and audit technology company, is formally announcing a strategic partnership with Aprio, a nationally-recognized CPA-led business advisory firm, headquartered in Georgia. Aprio is a strong partner for the Atlanta-based company. Verady has been working closely with Aprio over the past several years to assist with auditing one of the world's largest cryptocurrency payment processing companies. Today, Verady officially launched the platform that made all of this possible, VeraNet.
Aprio has worked with the Verady team to successfully complete a number of audit engagements over the past several years. Jagruti Solanki, Assurance Senior Manager at Aprio, stated: "With the assistance of the Verady team and the VeraNet platform, we were able to efficiently complete our financial statement audits, including a complete reconciliation of the bitcoin transactions and bitcoin assets held by our customer. Through our partnership with Verady we will now be able to provide a wide array of financial assurance services to companies and their third-party intermediaries that use cryptocurrencies or the blockchain in their everyday business."
Understanding how blockchain assets align with Generally Accepted Accounting Principles (GAAP) is crucial to the adoption of cryptocurrency for everyday use. The founders of Verady intend to lead the way and have been working in the space since 2013. "The idea for VeraNet was developed four years ago as an audit solution to verify bitcoin asset control, transaction volumes, and historical balances. With cryptocurrency not having widespread adoption yet and a market cap of under one billion, the timing wasn't quite right then," said Nathan Eppinger, CTO of Verady.
Recently, the market capitalization of Bitcoin and other blockchain assets have surged to more than $175 Billion. "The growth of all cryptocurrency has been very exciting to see this past year, but the use of cryptocurrency comes with challenges. We created Verady to assist companies with the challenge of financial accountability associated with the use of blockchain assets," said Kell Canty, CEO. As the VeraNet platform expands, it will incorporate accounting platform integrations, tax liability calculations, more complex financial reporting, and a wider variety of use cases.
About Verady: Verady provides cryptocurrency accounting and audit services through VeraNet, where financial institutions, corporations, and individuals can audit, account, and report on blockchain assets. Verady believes traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. VeraNet will be the bridge between cryptocurrencies and traditional financial accounting which is needed to further their acceptance and growth. For more information about Verady please visit verady.com or follow @veradyinfo on Twitter.
About Aprio: As a premier full-service, CPA-led business advisory firm, Aprio's associates work as integrated teams across advisory, assurance, tax and private client services, bringing our best thinking and personal commitment to each client. At Aprio, we advise clients and associates to achieve what's next. Across our practices, we bring our proven expertise, deep understanding and strategic foresight for industries including Manufacturing and Distribution; Nonprofit and Education; Professional Services; Real Estate and Construction; Retail, Franchise and Hospitality; and Technology and Biosciences. In our 65 years, we have grown to 400 employees. To serve our clients wherever life or business may take them, our teams speak more than 30 languages and work with clients in over 40 countries. In addition to its Atlanta headquarters, Aprio also operates in New York; Birmingham, Ala.; Indianapolis, Ind.; and Sarasota, Fla. For more information about Aprio please visit aprio.com or follow @AprioAdvisors on Twitter.
SOURCE Verady