Episode 43 | Geeth Jay from Cryptoworth on Data Complexities with On-Chain Transactions

Even if it’s relatively straightforward to export transactions from block explorers, how do you know for a fact that the data is complete and accurate?Block explorers have not been designed for accounting purposes, and turning the complexities of on-chain transactions into an enterprise grade data for your accounting is quite a challenge.Cryptoworth provides the operating system to convert the complex blockchain data from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.Cryptoworth supports around 100 blockchains, 56 exchanges, over 700 DeFi protocols and has already onboarded more than 1,200 users using their platform. Their users include web3 industry leaders, including Aave, Axie Infinity, Celo, Moonbeam, Request Finance amongst others.On Episode 43, I spoke with its co-founder & CEO Geeth Jay. Topics covered; Geeth’s background and how he got interested with blockchain (2:24) Completeness & accuracy of transactions from block explorers (5:17) Different block explorers for the same blockchain (6:42) Different block explorers for different blockchains (7:56) Reconciliation exercises (9:49) Common transaction deviations (11:12) Running your own nodes & indexing the data yourself (12:19) Public v/s private blockchains (14:42) Overview of Cryptoworth (16:35) How to get on boarded with Cryptoworth (19:03) Use cases for using Cryptoworth (21:13) Difference between using Excel v/s Cryptoworth (23:06) How is Cryptoworth different to other competitors like Cryptio, Bitwave, Consola, Tres Finance, Integral (25:38) Joining Web3CFO Club (17:29) Can Cryptoworth be both a crypto sub ledger & main ledger (28:32) How does pricing work (30:41) Features available with minimum pricing package (33:50) Overview of Cryptoworth Alliance program (35:05) Challenges for adoption (36:32) Should accountants specialize on specific chains (39:04) Roadmap in 2023 (40:09) DeFi & NFT modules for tracking positions, income & expenses (41:13) Closing thoughts (43:28)Brought to you byWeb3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/Follow The Accountant Quits:LinkedIN: linkedin.com/company/the-accountant-quitsTwitter: twitter.com/accountantquitsFollow Cryptoworth:Twitter: https://twitter.com/CryptoworthAppFollow Geeth Jay:LinkedIN:  https://www.linkedin.com/in/geeth-jay-44200690/ReviewIf you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes.WebsiteFor show notes and past guests, please visit theaccountantquits.com/podcast/