The average Web3 company manages at least 5 wallets and accounts while the average is around 12 wallets and accounts.The wallet management is mainly done through platforms like Fireblocks and Bitgo but usually includes CeFi exchange accounts, Web3 wallets like Metamask and others.
How do you keep track of all these wallets, accounts, assets and positions?
This puts the CFO, finance team members, the head of treasury or any other person in the organization who is in charge of managing the crypto assets in quite a pickle. The focus changes to monitoring and accounting for the company’s assets, mostly manually, 24/7 rather than professional financial planning, hedging, optimizing the company’s financial performance, etc.
How is it managed today?
*Or why you shouldn’t compromise on your current practices.
Well, it might be true if that is your only crypto asset wallet and you manage 2-3 addresses with a pretty simple and low-volume activity. Even if that is the case, we know you have to manually sort out your business.
You most probably have other wallets that are not managed on your main platform.The company has an account on an exchange and maybe another hot wallet, and in general, the granularity and integrity of the data provided to you via the mentioned 3rd party, is, to say the least, questionable.
You will encounter blockchains not supported by this custodian, latency in updating your balances and transactions, and you must realize that your custodian has a different product focus that is more security oriented (very important!) but much less financial and data-oriented. It just isn’t good enough. You will realize this when you start scaling.
We all know you don’t really believe that.Let’s start with the manual work of figuring out the data, labelling transactions and understanding what is what.The more wallets, the more manual work. The more transactions the more manual work. The more blockchains, well sometimes you don’t even have the data - so no work, just shooting in the dark.
One of the biggest frustrations is the fact that you can’t scan several wallets at once on those block explorers, and worse, you can’t investigate transactions and balances from different sources without having a million tabs open.
This isn’t scalable, so for your own sanity, don’t rely on it.
Tres is a financial data platform helping companies manage their crypto operations and finance.
This covers knowing your financial estate, treasury performance and risk exposure in addition to being able to stay compliant in terms of reconciling your transactions, closing your books for audit and submitting your statements for tax purposes.
All your transactions are reconciled and organized for audit, tax and reporting purposes. We are the first Contextual Ledger out there providing business context per transaction. You can filter, search and even add notes for each transaction for collaboration purposes, internal analysis and external regulatory requirements.
You can monitor your assets in one view. Historical balances, performance analysis, exposure and risk calculation are already built in.Now you can track your balances across all your wallets, accounts and platforms, with a flexible search of historical data.
An in-depth view of your DeFi assets. Visually track your current and historical P&L in detail, including impermanent loss and high-risk tokens. Manage your DeFi positions with the most comprehensive portfolio tracker ever built.