- 1 The team-up of an accounting platform with Protocol Labs will help Filecoin miners go public.
- 2 This partnership will make Filecoin miners able to generate accounting reports.
Cryptio, an accounting platform partnered with Protocol Labs will help Filecoin (FIL) miners generate accounting reports. These reports must pass their Public Company Accounting Oversight Board (PCAOB) financial audits to become so.
Protocol Labs, Inc. is known for network protocol research, development, and deployment lab for network protocols. And at present, Cryptio provides accounting infrastructure for over 300 enterprises, including MetaMask, 1inch, and Chivo, across 12 blockchains, including Ethereum (ETH) and Bitcoin (BTC).
The software of Cryptio helps crypto companies with accounting, audit, and tax software. As mentioned in a press release, it will allow Filecoin miners to extract auditable transaction logs from its chain.
Cryptio’s Effort for Filecoin Miners
As mentioned in the press release, “Miners can now import all on-chain activity from Filecoin and complete accounting, reporting, tax, and audit preparation to the high standard required by auditors and regulators.”
Filecoin aims to “store humanity’s most important information,” and works as a decentralized storage system. Its native currency $FIL powers the whole network including all processes. The clients pay for transactions in FIL tokens while miners place FIL as collateral, guaranteeing their services. According to Filecoin’s official site, at present there are more than 4,000 storage providers (SP) on the Filecoin network.
Unlike Bitcoin, Filecoin doesn’t own many dedicated miners that are currently publicly traded. Bitcoin (BTC) has a number of mining firms that are listed on the public stock exchanges such as Marathon Digital (MARA) and Riot Platform (RIOT). And amid the recent crypto winter, the publicly traded bitcoin miners have seen a massive exodus from investors. This further included a fall off in BTC prices and rise in energy costs for the mining firms.
Although Cryptio seems committed to providing the accounting service, whether a miner decides to go public or not.
Hemant Pandit, Head of Revenue at Cryptio said “Filecoin is a very complex chain and hard to ‘index,’ unlike Bitcoin.” Cryptio has built this financial infrastructure that allows them to do their accounting and reporting in an auditable way, whether Filecoin miners want to go public or not.”
“It was difficult to go public without this infrastructure. The [Securities and Exchange Commission] has higher audit standards for public companies. There have been large Filecoin miners (en route to going public) who were blocked by this previously,” as Pandit further added.
At press time, Filecoin price is $6.69 with a 24-hour trading volume of $993.90 million. Filecoin is up 7.05% in the last 24 hours, with a current market cap of $2.70 billion.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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