In order to extend its services to every area of the blockchain sector, TRES, a platform for cryptocurrency accounting and tax reporting, has received $11 million. According to an email message on Wednesday, the Tel Aviv-based startup plans to introduce support for “new blockchains every week” and presently supports over 100 layer-1 and layer-2 networks, including Bitcoin, Ethereum, Solana, and Avalanche.
TRES presently provides management, monitoring, and reconciliation services for clients with a total asset value of $19 billion. Accounting and tax reporting systems akin to those available to businesses in the traditional financial sector will become more and more necessary as the crypto economy gains traction among institutions. TRES hopes to offer these businesses a “comprehensive way to get the full & accurate picture across all of their Web3 financial activity,” co-founder and CEO Tal Zackon said in the statement.
“This makes it easy for all customers to stay compliant across their accounting, audit and reporting functions.”
With the support of investors including Faction, New Form, Cyber Fund, and Ambush Capital, TRES has now raised $18.6 million in total.
