Bitcoin
$63,944.32+4.26%
Ethereum
$3,090.97+3.59%
Binance Coin
$554.97+4.43%
Solana
$139.78+6.31%
XRP
$0.50426161+3.63%
Dogecoin
$0.15106103+1.13%
Toncoin
$6.25+1.39%
Cardano
$0.45924541+4.13%
Shiba Inu
$0.00002276+4.63%
Avalanche
$35.27+5.31%
Wrapped Bitcoin
$63,859.90+5.87%
Tron
$0.10974815-0.81%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
02
DAYS
04
HR
57
MIN
15
SEC
Markets

Libra Eyes Institutional Investors with Crypto Tax and Accounting App

Blockchain startup Libra has unveiled a new compliance application for the institutional market, targeting businesses like crypto funds and exchanges.

By Wolfie Zhao
AccessTimeIconNov 28, 2017 at 1:10 p.m. UTC
Updated Sep 13, 2021 at 7:12 a.m. UTC
Tic tac toe

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain startup Libra has today unveiled a new tax and accounting application for the institutional market, targeting businesses like crypto funds, market makers and exchanges.

Called Libra Crypto Office, the app is being pitched as a way to both connect to the broader ecosystem of cryptocurrency services and automate the real-time gathering of critical information for compliance purposes.

According to Libra CEO Jake Benson, the product came about after discussions with people working in the tax, compliance, and risk assessment fields. Amongst the issues raised, he said, were concerns over scaling due to increasingly complicated processes.

"Further, we found without the right systems and processes, institutional investors were unwilling to allocate significant investment into the industry," he continued. "With the introduction of Libra Crypto Office, we hope to continue industry efforts to upgrade information accuracy, transparency, and compliance practices."

The company has already brought on two industry services as early clients: market maker XBTO (which participated in Libra's $7.8 million Series A funding round) and cryptocurrency exchange service ShapeShift.

Libra's offering is one of a growing number of blockchain services being pitched at the institutional crowd, including hedge funds, that are entering or are weighing a stake in the market. It also comes as some of the world's major cryptocurrencies (including most notably bitcoin) hit new all-time highs, pushing the collective marketing capitalization of those currencies above $300 billion for the first time this week.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShapeShift. 

Tic-tac-toe image via Shutterstock

This article has been updated for clarity.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.