VIENNA, AUSTRIA / ACCESSWIRE / May 3, 2023 / The crypto industry has become more than just a risky investment. It’s also about predicting market trends, chasing the next big opportunity and managing your portfolio. However, there is a critical component to it: managing crypto transactions and determining the net asset value (NAV) of a professional crypto portfolio. As the crypto industry has evolved, more and more investors and institutions have emerged that require reporting of their transactions and provide insight into their holdings, both for regulatory purposes and self-interest.
However, there is still no suitable solution available on the market that covers all the necessary steps tailored to the needs of companies. It is a problem that will become more serious as more and more new crypto funds appear and those that already exist become more complex, indeed of decentralized finance and web3.
Michael Schoengruber, the founder of fintech company 3Folio is developing a software-as-a-service solution specifically designed for crypto hedge fund managers that allows them to seamlessly integrate all administrative aspects of the fund’s investment strategy in one place – from monitoring to reporting – so that fund managers can focus on which means the most: to manage and increase the client’s wealth!
Schoengruber identified a market gap that exists because traditional fund management platforms are not yet able to fully track or manage digital assets such as cryptocurrencies or crypto-cash flow strategies such as staking or liquidity mining. There are a few options, but all require multiple tools and platforms. With 3Folio, these times are in the past. The young fintech based in Linz and Vienna, Austria, is on a mission to revolutionize the way crypto funds are able to manage and track their assets without exploding costs. Therefore, 3Folio is able to make the lives of crypto hedge fund managers around the world much easier.
Especially when it comes to determining a daily net asset value (NAV), 3Folio finally provides a smooth process. The solution also makes it easy to automatically register a transaction ledger for more than 30 blockchains, including the ability to manage multiple exchanges and fiat accounts in one place.
The company has already registered Austria’s first crypto fund as a customer and is a good application area for accountants and tax advisors who have to report crypto tax and often have little experience with the topic. Together with his team, it was a crucial mission for Michael Schoengruber to develop a product that also fits the needs of classic hedge funds that already have or plan to have crypto-assets in their portfolio.
“We wanted to combine the old economy with crypto and make it suitable for mainstream use,” says Schoengruber. “Our solution is particularly attractive to companies and funds in the early stages of their crypto journey.”
Schoengruber is pursuing an ambitious growth plan, with the aim of establishing 3Folio as a relevant global player for crypto-asset tracking and accounting solutions over the next few years. 3Folio has already received a strategic investment from crypto tax solution provider Blockpit AG and is now launching its open beta version for early adopters. The first international customers are getting on board soon, which is the result of a deep network of connections to major hedge funds, private banks, VCs and companies active in the crypto space.
In conclusion, the crypto industry is not just about chasing the next big opportunity. It is also about offering solutions that help investors manage their portfolios and protect their assets. As cryptocurrencies become more widespread and continue to gain mainstream adoption, the need for solutions like 3Folios will continue to increase. As the industry continues to grow, the need for solutions like 3Folio will become even more critical, and 3Folio is poised to be at the forefront of this revolution.
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SOURCE: 3 Folio GmbH