PaymentX establishes landmark partnership with crypto bookkeeping system Cryptio.
The collaboration will enable full integration of crypto payroll with conventional accounting processes and systems, providing an end-to-end service for businesses and employees.
While blockchain technologies and infrastructure have improved dramatically in recent years, key supporting services have lacked the same advances. In particular, payments, tax and accounting solutions have been slow to come to market.
This has meant the adoption of crypto payments by businesses has been slow – despite the self-evident advantages of fast, efficient cross-border transactions. Now, a partnership between crypto payroll solution PaymentX and bookkeeping and accounting service Cryptio aims to address this gap – enabling full integration of crypto payments with existing accounting processes.
Seamless crypto payments with PaymentX
Cryptocurrency is ideally suited to international payments, due to the fast, low-cost and secure nature of blockchain transactions. However, the complexity of dealing with recipients’ crypto addresses and calculating fiat-equivalent amounts for transfer has prevented the widespread use of crypto for everyday business payments.
PaymentX is a crypto payroll solution that automates the key steps, allowing HR departments to make easy crypto payments to employees and freelancers. The platform has a built-in invoicing system, and businesses can set up recurring payments or settle multiple invoices with one click.
Cryptio: tax and accounting solutions for crypto
Crypto businesses typically make many transactions per month across different blockchains, wallets and exchanges. Each platform has its own format, essentially consisting of a string of random characters. This data is not easy to interpret, even when all transactions are consolidated. Moreover, each transaction is a taxable event, and the nature of that event differs according to jurisdiction. This can make accounting and calculating tax liabilities extremely complex and time-consuming.
Cryptio automates this process by pulling transaction information from major blockchains and exchanges using read-only API keys. The software uses price data from exchanges to calculate the value at the time of the transaction, matches payments with the business’s accounts and creates reports tailored to the specific tax requirements of the relevant jurisdiction.
‘The perfect complement’
‘This is a natural partnership because PaymentX and Cryptio are the perfect complement to each other,’ explains Sergei Sergienko, founder of PaymentX. ‘Our solution makes it extremely easy for employees to submit invoices and companies to pay in crypto. Meanwhile, Cryptio consolidates all transaction information and creates appropriate reports for tax and accounting.’
The result is an end-to-end system for crypto payments and bookkeeping – reducing overheads for businesses and streamlining their accounting processes.
‘Full integration of digital assets across every process without gaps is necessary for companies to gain the full benefit of blockchain payments,’ states Antoine Scalia, co-founder of Cryptio. ‘This is exactly the kind of holistic infrastructure we need to drive crypto adoption through businesses and the payments system.’
Find out more about PaymentX and Crytio: