Cryptoworth Added To Polymath Service Provider Ecosystem
Cryptoworth, an enterprise provider of portfolio tracking, tax and accounting software for digital assets, has joined the Polymath Service Provider Ecosystem. By working with Cryptoworth, issuers, investors and other stakeholders can account for security tokens created using Polymath’s technology—as well as their wider digital asset portfolios—in one place.
“Tokenization of securities is the future of capital markets, but enterprise adoption hinges on reducing complexity using technology,” said Geeth Jay, Co-Founder and CEO of Cryptoworth. “Polymath’s technology goes a long way to streamlining the token creation and issuance process and we’re excited to join their ecosystem to facilitate greater efficiency in tax and accounting.”
Recommended AI News: Creatd’s Vocal Platform Launches Bitcoin- and Photography-Themed Challenges
Cryptoworth’s technology—which supports more than 1200 digital currencies, 7 fiat currencies and has calculated more than 500 million transactions—was created to add automation to digital asset portfolio tracking, tax and accounting. According to Cryptoworth, organizations using its platform reduce the time taken to perform calculations by 90%, cut costs involved in asset management by 50%, and are able to handle 30% more customers.
Cryptoworth’s platform automates data collection from different exchanges and wallets using read-only APIs and shows information about entire digital asset portfolios in a single dashboard. It also automatically applies tax calculations to digital assets and lets users export a range of reports.
The Polymath Service Provider Ecosystem brings together custody agents, broker-dealers, legal firms, tax services, cap table management providers, KYC/AML providers, and others who can help users create and manage their token.
Recommended AI News: CyberFi is the First Intelligent Trading and Automation Platform for DeFI
As part of joining the ecosystem, Cryptoworth has integrated the ERC 1400 security token standard. ERC 1400 was proposed by Polymath to provide a clear framework for security tokens so market participants could more easily meet regulatory and technical due diligence requirements.
“Digital assets, and especially security tokens, present new challenges in accounting because portfolio data is distributed across different exchanges and blockchains and takes a lot of manual effort to collect,” said William Vaz-Jones, Director, Partnership Development at Polymath. “Cryptoworth brings an innovative and scalable tool to the Polymath ecosystem that takes out much of this complexity through automation.”
Recommended AI News: Traviss Green Joins Millennium Corporation as New Chief Operating Officer