Verady, a startup that focuses on cryptocurrency accounting and auditing, has closed an investment round led by early-stage venture capital firm TTV Capital. Fenbushi Capital and fintech leader Pamela Joseph also participated in the round.
“Our cryptocurrency accounting platform, Ledgible, has worldwide market fit and we have recently established key alliances to move forward globally,” CEO Kell Canty tells Hypepotamus.
“We are focused on providing the best services, tools, and capabilities available to meet the accounting and verification needs surrounding cryptocurrencies and blockchain assets.”
According to Canty, strategic funds will be earmarked primarily for sales and marketing for the Ledgible platform.
Canty and co-founder Nathan Eppinger used their strong blockchain backgrounds to pinpoint a need for a cryptocurrency accounting tool while conducting an audit for an accounting firm with bitcoin assets. They founded Verady to commercialize the Ledgible accounting platform.
“We provide a ‘bank statement for blockchain’ capability and the tools to report and seamlessly integrate cryptocurrencies into the traditional finance and accounting systems,” says Canty.
The platform also helps companies meet regulation and investor requirements and verify cryptocurrency assets.
“We believe that Verady’s Ledgible platform for the accounting, verification and audit of crypto assets is a critically needed resource for the ecosystem and bridges the gap between blockchain assets and traditional financial reporting,” said Sean Banks, partner at TTV Capital.
Canty tells Hypepotamus that leading up to this investment, Verady expanded its partnerships and client list internationally to the United Kingdom, Gibraltar, and Singapore.
“This strategic investment from TTV further validates our mission and supports our business development goals. Having strategic partnerships from Fenbushi Capital on the cryptocurrency side truly shows the need for the bridge between these two worlds that we have built,” says Canty.
The startup went through the Coca-Cola BridgeCommunity commercialization program in 2017 and joined corporate-backed venture fund and platform Engage in 2018.
They currently have 11 full-time employees and plan to expand.