California-based Armanino LLP says it will now accept payment in more than 1,000 cryptocurrencies. Clients may pay for accounting and consulting solutions with top coins such as Bitcoin, Ethereum, XRP, Litecoin and many other altcoins, making Armanino one of the few accounting firms to accept digital assets. Armanino is also extending the firm’s proprietary block explorer and associated audit tools to a cloud-deployed solution which can be utilized internally or by clients, including virtual currency exchanges (VCEs), custodians and blockchain companies.
“With more fintech companies, banks and brokerages exploring ways to mainstream cryptocurrency, it made sense for Armanino to build the infrastructure necessary to accept cryptocurrency payments for what we expect to be a growing form of payment,” said Andries Verschelden, partner at Armanino and blockchain practice leader.
In addition to accepting cryptocurrency payments, the firm is expanding its proprietary block explorer. Armanino’s block explorer works with public blockchains to analyze transaction and wallet details as well as digital signature validation tools to obtain audit evidence, giving clients a platform for audits.
“As digital asset use and adoption increases and new types of transactions are made, such as security token offerings (STO) on public blockchains, the need for third-party assurance tools continues to grow,” said Verschelden. “That’s where our block explorer and associated tools are already proving value to our internal teams and our clients alike.”
Armanino has implemented a crypto onboarding service that includes preparing and consulting clients on the best practices for treasury, accounting, financial reporting, compliance and tax considerations, as well as the means to perform transactions in the new digital asset economy.