In the face of increasingly stringent regulations and reporting requirements, Fireblocks has announced a partnership with TRES Finance to provide comprehensive automation for Web3 accounting, taxes, and auditing. This collaboration aims to empower Fireblocks customers by streamlining their Web3 financial operations and ensuring they stay ahead of their accounting and audit requirements.
TRES Finance supports its reporting functionality through a proprietary Financial Data Lake (FDL), which manages thousands of Web3 financial endpoints. This technology consolidates, enriches, and contextualizes financial data, making it accessible for use across their FinOS platform. This capability enables businesses to easily export audit-ready reports, simplifying the data-gathering process and generating business-ready insights and reports with minimal effort.
Fireblocks users can now generate these audit-ready reports directly from TRES via the Fireblocks console. Additionally, the TRES FDL is accessible through an API, providing further integration options for businesses looking to streamline their financial operations.
Fireblocks’ Secure Infrastructure and Expanding Blockchain Support
Fireblocks is known for its enterprise-grade platform that delivers secure infrastructure for moving, storing, and issuing digital assets. The platform enables exchanges, custodians, banks, trading desks, and hedge funds to scale digital asset operations securely through its patent-pending SGX & MPC technology. This technology has reportedly secured the transfer of over $4 trillion in digital assets, supported by a unique insurance policy covering assets both in storage and in transit.
Over the past month, Fireblocks has maintained its position as a leader in providing the fastest and most diverse range of blockchain support. With a growing list of over 60 supported blockchains, Fireblocks allows customers to securely custody tokens on the latest chains and quickly build innovative services for their clientele.
The company has now announced the expansion of its support for the Cosmos ecosystem. This expansion includes providing custody, DeFi, and staking support across several leading appchains within the Cosmos network. Cosmos, known as the “Internet of Blockchains,” is a decentralized network comprising hundreds of interlinked blockchains built on open-source Cosmos technology. It is currently the second-largest blockchain ecosystem, following Ethereum.
The Cosmos ecosystem addresses critical challenges in the blockchain space, such as scalability, usability, and interoperability. Interoperability within the Cosmos network is facilitated through the IBC Protocol (Inter-Blockchain Communication Protocol), which enables direct communication between different blockchains in the ecosystem.
Conclusion
The partnership between Fireblocks and TRES Finance represents a significant advancement in automating Web3 financial operations. By leveraging TRES Finance’s Financial Data Lake, businesses can access enriched and contextualized financial data, facilitating the generation of audit-ready reports with ease. Fireblocks continues to enhance its secure infrastructure for digital assets and expand its blockchain support, now including the robust Cosmos ecosystem. This collaboration underscores the ongoing efforts to simplify and secure financial operations in the evolving landscape of digital assets and blockchain technology.