Finance tools and software have been available for decades, with the existence of household names like Quickbooks and Xero. The rise of digital currencies has opened a new need for businesses, professionals and enterprises alike and a need to monitor and manage crypto in a new and more intelligent way. As we step into the rapidly evolving world of crypto, where are the specialized asset management tools companies need?
The first sign of this need dates back to 2012, where J.P Morgan Chase faced a sudden exorbitant loss of $6.2 billion as the result of a traders digital error, dubbing him the “London Whale”. After the event triggered firings, negative press, and an independent investigation, a 129-page report discovered the error came from an incorrect mathematical formula that was off by a factor of two. Doubling the risk of the trade (and the consequences too)
While many companies today still rely on outdated Excel spreadsheets, this is no longer viable for crypto bookkeeping. Not only is it careless to risk the health and livelihood of your business on a few easily manipulated cells in a database, but it’s also prone to human user error and even malicious hacker attacks.
For CFOs, CPAs and the financial teams of the world – Blox is a holistic asset tracking solution that companies have been waiting for. It’s designed to help companies that own, invest or handle crypto to easily avoid expensive errors and embarrassing mistakes, while simultaneously modernizing the means in which to track crypto financials.
The Blox platform is an all-in-one solution for crypto asset tracking, management, and bookkeeping. It automatically aggregates data from the top exchanges, blockchains, and custodian solutions in the space. Once crypto accounts have been synced, Blox can offer unparalleled accounting, bookkeeping and financial reporting tools to help any CFO seamlessly maintain the company’s financials. Using Blox makes the complex simple, enabling finance departments to generate CSV reports, support global collaboration, classify transactions, advanced alert system and more.
“Most companies in the space that interact with crypto assets on a daily basis usually do so across different exchanges. They hold multiple wallets and currencies, and might even store their crypto with a custodian. It’s not easy to keep efficient track of a company’s financials while accounting for complex crypto expenses,” Said Alon Muroch, CEO of Blox. “When you add the fact that there are looming fears of regulation, a bearish crypto market, and the annual tax seasons, it’s important that the modern CFO be adequately prepared.”
Today, it is becoming more difficult to distinguish “hyped” projects from the practical ones that are truly making a difference. While many blockchain and crypto-related projects remain impractical and never fulfill their promise, Blox has customers like eToro which have been a customer of Blox since the get-go.
“We manage multiple crypto assets with immense trading volumes across many blockchains. Said Yoni Assia, CEO of eToro. We use Blox to clearly see where our assets are, and their real-time value. It has greatly simplified our operations.”
Crypto took center stage in the media in 2017 and 2018, and the industry is primed for a dramatic change, where ideas are real and the promise of potential is met. While the world of crypto is destined to change shape and form due to legality, regulation, and usership, the need for more intelligent solutions has never been more apparent.
Founded in 2017 by Alon Muroch and childhood friend, Adam Efrima, Blox is headquartered in Tel Aviv with additional offices in San Francisco, Shanghai, and Gibraltar. Blox works with many of the industries most established companies, including eToro and Coti. To learn more about Blox, you can visit and sign up at blox.io.