Harnessing On/Off Chain Cryptocurrency Data at a Transaction Level with Cryptoworth

HoneyBadger, Canada's largest bitcoin ATM network, embarked on a transformative journey with Cryptoworth to harness both on-chain and off-chain cryptocurrency data at a granular transaction level. Established in August 2016 by a passionate team of bitcoin and cryptocurrency enthusiasts, HoneyBadger operates over 100 kiosks across Canada, from Vancouver Island to Fort McMurray, extending to Halifax. This case study explores how HoneyBadger leveraged Cryptoworth's solutions to meet rigorous business and regulatory demands, enhancing operational efficiency and data management.

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Customer Objectives

HoneyBadger aimed to achieve a comprehensive management of cryptocurrency transaction data to support its expanding ATM network. The objectives were multifaceted:

• To harness on/off chain data at the transaction level to address current and future business and regulatory demands.
• To meet extensive reporting requirements, including daily, monthly, quarterly, and annual timelines.
• To automate data reconciliation and calculations, thereby improving efficiency.
• To enhance visibility and control over crypto assets within the organization.

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Challenges Faced

Before partnering with Cryptoworth, HoneyBadger faced significant challenges:

• The complexity of managing on/off chain data at a transactional level to comply with evolving business and regulatory frameworks.
• The burden of meeting comprehensive reporting requirements without automation.
• Limited visibility and control over crypto assets, impacting decision-making and regulatory compliance.
• The need for a scalable solution to support the organization's growth and adapt to changes in cryptocurrencies and regulations.

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Solution

Cryptoworth provided HoneyBadger with a robust crypto accounting platform, featuring:

• A Synchronization and Tax engine that automated data reconciliation and calculations, reducing the asset tracking burden and enhancing analytics capabilities.
• A scalable and agile platform capable of adapting to changes in cryptocurrencies and regulations, ensuring compliance and supporting HoneyBadger's growth.
• Expertise in cryptocurrency, blockchains, accounting, and regulations, offering depth of knowledge and a methodical approach to tackling HoneyBadger's specific challenges.

"Cryptoworth has proved to be a professional, well-ordered and methodical business partner. The service has been outstanding and the staff a pleasure to work with." Andrew Walker, CPA, CEO of HoneyBadger

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Results Achieved

The collaboration between HoneyBadger and Cryptoworth led to significant value-driven results:

• A 40% improvement in operational efficiencies, streamlining the management of over 100 kiosks across Canada.
• A drastic reduction in total calculation time for reporting, from days to just 20 minutes, enhancing the speed and accuracy of financial reporting.
• Centralization of data governance, along with business and accounting rules, mitigating compliance risks.
• Empowerment of the finance team to innovate at the speed of business, thanks to the detailed financial data integration with the ledger.
• Improved data quality and traceability from external financial statements to a single cloud-based system, enhancing decision-making and compliance.

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Key Takeaways

HoneyBadger's partnership with Cryptoworth highlights the critical importance of adopting innovative solutions for cryptocurrency data management. By leveraging Cryptoworth's robust platform, HoneyBadger not only achieved significant operational efficiencies but also ensured compliance with regulatory standards and enhanced its decision-making capabilities. This case study underscores the potential of specialized crypto accounting solutions to transform financial operations and support the growth of businesses in the dynamic cryptocurrency industry.

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Are you looking to streamline your cryptocurrency transaction data management and enhance operational efficiency?

Discover how Cryptoworth can level up your crypto accounting by contacting our team or to request a free trial today.