TRES, a leading cryptocurrency accounting and taxation reporting platform, has announced a successful Series A funding round, raising $11 million. The platform currently serves clients with combined assets worth $19 billion and supports over 100 layer-1 and layer-2 networks, including Bitcoin, Ethereum, Solana, and Avalanche. With the funding, TRES aims to expand its services to the entire blockchain industry, addressing the growing need for accounting and taxation reporting tools amidst increasing institutional adoption of cryptocurrencies.
Comprehensive Tools for Managing Digital Assets
TRES provides its clients with comprehensive tools to manage, monitor, and reconcile their digital asset activity. By offering accounting, audit, and reporting functions, the platform aims to help firms stay compliant with regulatory requirements. TRES plans to add support for new blockchains every week, ensuring a full and accurate picture of clients’ Web3 financial activity.
Successful Series A Funding and Backers
The Series A funding round, which brings TRES’ total funds raised to $18.6 million, was led by venture capital firm Lightspeed’s new fund, Faction. Other notable backers include New Form, Cyber Fund, and Ambush Capital. The additional funding will support TRES’ expansion plans and enable it to serve an increasing number of companies that hold crypto on their balance sheets.
Addressing the Growing Need for Accounting and Taxation Reporting Tools
The demand for accounting and taxation reporting tools in the crypto industry has grown significantly alongside the increasing institutional adoption of cryptocurrencies. TRES aims to address this need by providing a comprehensive solution that meets the requirements of the blockchain industry.
TRES’ successful Series A funding round of $11 million will support its mission to expand its services to the entire blockchain industry. With a client base of $19 billion in assets, the platform offers accounting, audit, and reporting functions for over 100 layer-1 and layer-2 networks. As the institutional adoption of cryptocurrencies continues to rise, the need for comprehensive accounting and taxation reporting tools becomes more pressing. TRES aims to fill this gap by providing a centralized platform to manage and reconcile digital asset activity, while ensuring compliance with regulatory requirements.