Lukka Crypto Office - 2019 Innovation Award Nominee

Lukka’s products automate and optimize accounting, audit and tax processes for funds, fund administrators, OTC and proprietary trading firms, exchanges, and accounting firms. Our mission is to transform crypto data into auditable financial information to improve operations, create financial statements and provide regulatory reporting and transparency.

Lukka Crypto Office is tailored for any enterprise involved in the cryptocurrency ecosystem. Specifically, financial professionals responsible for accounting, audit, and tax functions working in blockchain and cryptocurrency ecosystem will benefit most.

Broadly speaking, cryptocurrency transaction volume is growing exponentially, while the financial accounting, reporting, compliance, and control processes are performed manually or with retrofitted applications that aren’t blockchain-native.

More specifically, crypto-data lacks uniformity, varying tremendously across data sources. For example, one data source (i.e. Crypto Exchange, Bitcoin Blockchain) might label bitcoin as XBT while another data source might label it BTC. Or, as bitcoin’s value is computed out to eight decimal places, one data source might round up the data to two decimal places, while another might give you data out to all eight. This, as well as other distributed data nuances, creates numerous problems for traders and financial professionals who must track, process, and balance transactions as well as report on the results for financial, performance, or tax purposes.

As a result of the above, cryptocurrency transactions today are managed manually via spreadsheet software, if at all. Scalable and automated back and middle office solutions are necessary because manual processing cannot keep up as cryptocurrencies are traded globally, 24/7/365.

Learn more: https://lukka.tech/

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See all of the winners, finalists and nominees in the 2019 Tax & Accounting Innovation Awards.