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Thoughts on aggregating performance tracking across wallets and exchanges, historically and in real-time.

Most digital currency users (e.g. bitcoin users) have multiple wallets at multiple exchanges. For example, they may have a spending wallet at Circle, a wallet they use for trading at Coinbase, Bitstamp or Bitfinex, or yet even another wallet at BitGo where coins are kept in secure storage. Often, the balances in these wallets are shuffled just like cards – random combinations amounting to one aggregate total that fluctuates against fiat currencies like the Dollar or Euro, every second of every day.

For casual users this is more times than not usually an occasional mental exercise – “I have ‘X’ BTC at Coinbase. ‘Y’ at Circle. BTC is up 5% today, I’m up 5%.” Unfortunately for many of our users who have dozens and dozens (hundreds and thousands) of transactions this all of a sudden becomes quite impossible. Especially when alt coins and multiple fiat currencies paired with digital ones are involved. Many of these people are usually resorting to figuring out how to manually update spreadsheets to perform the calculations when needed, or paying exorbitant fees to outsource the accounting, bookkeeping and report generation. In some of the worse scenarios we’ve observed, before Libra, users had transacted tens of thousands of dollars and only just had an idea that they had some kind of sizable loss to be determined. Once tax deadlines start approaching things really start getting hectic as people encounter problems doing this kind of stuff themselves to try and figure out if there is a potential compliance issue to be mindful of. Honestly, it’s really rough for a person to figure out without software.

Even beyond the user level, this is a big problem that isn’t easily solved – for most wallets and exchanges, this type of granularity is very difficult to provide. For one, they are in competition with each other, company “a” isn’t going to want to highlight company “b” in-app, in any way – that wouldn’t be good UX to reinforce any core KPI. Two, providing performance tools in most cases are not their business models nor their area of expertise – providing storage, facilitating transfers and exchanges, however, are. We regularly see people from wallets and exchanges coming to us to handle their personal needs.

Now, after integrating with nearly every major wallet and/or exchange in some form or fashion, and with the the release of Libra Charts, it’s finally possible for active users, institutions and organizations to have a high altitude view of accountancy as is crosses the digital spectrum of block chains and distributed ledgers.

We are actively enriching these feature-sets along with new initiatives that cross-over into other markets, such as foreign currency exchange (Forex). In fact, our automation of accounting, reporting and tax compliance for digital assets/currencies, block chains and distributed ledgers has only just begun.

We’re full steam ahead, one confirmed block at a time.

For example, they may have a spending wallet at Circle, a wallet they use for trading at Coinbase, Bitstamp or Bitfinex, or yet even another wallet at BitGo where coins are kept in secure storage. Often, the balances in these wallets are shuffled just like cards – random combinations amounting to one aggregate total that fluctuates against fiat currencies like the Dollar or Euro, every second of every day.

For casual users this is more times than not usually an occasional mental exercise – “I have ‘X’ BTC at Coinbase. ‘Y’ at Circle. BTC is up 5% today, I’m up 5%.” Unfortunately for many of our users who have dozens and dozens (hundreds and thousands) of transactions this all of a sudden becomes quite impossible. Especially when alt coins and multiple fiat currencies paired with digital ones are involved. Many of these people are usually resorting to figuring out how to manually update spreadsheets to perform the calculations when needed, or paying exorbitant fees to outsource the accounting, bookkeeping and report generation. In some of the worse scenarios we’ve observed, before Libra, users had transacted tens of thousands of dollars and only just had an idea that they had some kind of sizable loss to be determined. Once tax deadlines start approaching things really start getting hectic as people encounter problems doing this kind of stuff themselves to try and figure out if there is a potential compliance issue to be mindful of. Honestly, it’s really rough for a person to figure out without software.

Even beyond the user level, this is a big problem that isn’t easily solved – for most wallets and exchanges, this type of granularity is very difficult to provide. For one, they are in competition with each other, company “a” isn’t going to want to highlight company “b” in-app, in any way – that wouldn’t be good UX to reinforce any core KPI. Two, providing performance tools in most cases are not their business models nor their area of expertise – providing storage, facilitating transfers and exchanges, however, are. We regularly see people from wallets and exchanges coming to us to handle their personal needs.

Now, after integrating with nearly every major wallet and/or exchange in some form or fashion, and with the the release of Libra Charts, it’s finally possible for active users, institutions and organizations to have a high altitude view of accountancy as is crosses the digital spectrum of block chains and distributed ledgers.

We are actively enriching these feature-sets along with new initiatives that cross-over into other markets, such as foreign currency exchange (Forex). In fact, our automation of accounting, reporting and tax compliance for digital assets/currencies, block chains and distributed ledgers has only just begun.

We’re full steam ahead, one confirmed block at a time.