Transforming Financial Data Sharing in Web3

TL;DR:

• Kryptos is building the plaid for Web3 as a financial data protocol layer by simplifying financial data aggregation through a single API covering 5,000+ services.
• Kryptos offers a comprehensive platform for crypto finance management and tax compliance, addressing the challenges of portfolio management and tax reporting for 30+ jurisdictions.
• Backed By: Binance Labs , Gate.io , Blockchain Founders Fund , 正念资本 . Partners: Bitstamp , SafePal , Scroll , LUKSO , B2 Network , Deribit , Uphold and 15+ others.

The shift to Web3 and decentralized finance (DeFi) allows users to trade, lend, and invest directly without traditional intermediaries like banks or brokers. With peer-to-peer transactions becoming more transparent, secure, and efficient, individuals now have full control over their assets.

However, current payment systems must be more efficient, especially for small and cross-border transactions. Outdated networks like SWIFT lead to higher costs and slower processing times, complicating international business operations. Even fintech companies face scalability issues due to reliance on older infrastructure, limiting their ability to provide fast, affordable payments.

In the Web3 space, fragmentation and lack of standardization create barriers to financial data connectivity and efficiency. Kryptos seeks to address these challenges and act as the solution provider for a more streamlined and interconnected Web3 financial ecosystem.

Simplifying Crypto Finances

Kryptos is a Swedish Web3 fintech company building a groundbreaking financial data protocol layer designed to provide secure, seamless connectivity across digital asset platforms — essentially, Plaid for Web3. With Kryptos, users can import all their crypto portfolios and transaction history via API or CSV files and unlock various fintech solutions including portfolio tracking, taxes, accounting, and compliance within minutes.

The platform offers an extensive range of integrations with on-chain and off-chain platforms, allowing users to manage their entire portfolio — including DeFi and NFT transactions — from a single dashboard, eliminating the need to switch between multiple platforms. Think of it as a financial data aggregator focused on helping developers and users.

With the most integrations available in the market, the platform provides comprehensive support for tracking portfolios, including DeFi and NFT transactions. Additionally, the core products generate free crypto tax reports that are compliant with 30+ tax jurisdictions and offer access to a network of accountants for tax filing assistance.

The technology is useful for both developers and users. For developers, the platform ensures seamless integration, easy onboarding, data security, and access to a broad user base. Users benefit from safe and secure data sharing, control over financial data, privacy protection, and access to over 5,000 integrations and services.

Kryptos Core Products

Unified Portfolio Management

Providing a unified dashboard that integrates all crypto asset holdings, positions and transactions, including on-chain and off-chain activities. This streamlined view allows users to efficiently track and manage their diverse crypto portfolios in one place. The intuitive design offers insights into each asset’s performance, historical data, and current valuations. The platform also offers transaction categorization, cost-basis tracking, and PnL calculations. Users can easily monitor their holdings, assess their portfolio’s overall health, and make informed decisions to optimize their investment strategies.

Simplified Tax Reporting and Tax Loss Harvesting

Kryptos simplifies the complex process of crypto tax reporting. The platform automates the calculation of taxable events, such as capital gains, losses, and staking rewards, and generates reports compliant with the tax laws of over 30 jurisdictions. This significantly reduces the crypto tax compliance burden, saving users time and minimizing the risk of errors. Kryptos ensures users stay compliant with evolving tax regulations, providing peace of mind and helping them avoid potential penalties. The platform not only helps you to be compliant but also helps you identify potential tax-saving strategies based on market movements.

NFT and DeFi Modules

Kryptos NFT module offers a detailed overview of NFT portfolios, including inventory, listings, and transaction history. Users can track their NFT investments, see real-time updates on valuations, and manage their holdings efficiently. The DeFi module provides comprehensive insights into DeFi investments, covering active positions, rewards, and transaction history from 4500+ protocols. These modules ensure users have up-to-date information on all aspects of their crypto investments, enabling them to make data-driven decisions and maximize returns.

SAFT and Token Vestings Tracker

Kryptos Enterprise provides solutions for Web3 businesses and Web VCs to easily manage their assets, investments and finances all in one place. The SAFT module helps Web3 VCs and investors investing in private token rounds to easily track all their investments and vesting schedules in one dashboard, saving a ton of time and money with asset management, accounting, reporting and auditing.

Market Landscape

The crypto asset management market is projected to reach USD 3.81B by 2029, with a CAGR of 23.03% from 2024–2029. Traditional payment methods are increasingly being supplemented and, in some cases, replaced by innovative fintech solutions that offer speed, efficiency, and cost savings. Blockchain technology, in particular, has shown significant potential in transforming financial services by reducing transaction times and costs.

This isn’t surprising; blockchain technology offers various applications across various industries. Financial institutions are particularly interested in utilizing blockchain to transfer and store digital assets, such as cryptocurrencies, within the Internet ecosystem.

The growing adoption of blockchain technology, which drives the expansion of cryptocurrencies, is expected to boost the global demand for crypto asset management solutions. However, the widespread adoption of cryptocurrencies continues to be hindered by a lack of understanding of their applications and insufficient technological expertise in transaction processing.

Financial data standardization protocol such as Kryptos helps streamline operations and compliance by simplifying the tracking and documentation of crypto transactions, potentially helping reduce tax liabilities. Kryptos is empowering all individuals and businesses in the space to maintain good financial health and insights while enabling access to an ecosystem of fintech applications and services.

With advanced features like effective portfolio management, targeted transaction filtering, and comprehensive tax reporting, these products will help ensure accurate crypto tax calculations and detailed record-keeping, offering investors peace of mind.

The Team

The team is led by Founder & CEO Sukesh Kumar Tedla , who co-founded the Telos Blockchain Network and played a pivotal role in its growth to a market capitalization of over $300M. Key team members include Akash Srivastava , CTO & Co-Founder, and a software architect with expertise in AI, robotics, and blockchain technology. Billy J?rgensen is the IP & Legal Advisor, bringing over eight years of experience in international IP and patent law. Richard Rydell , Co-Founder & Advisor, has over 14 years of experience in the ICT industry, focusing on sales and marketing. And finally, Deepak Pareek, the Crypto Tax Lead, is an expert in tax law and has worked as an individual, corporate, and international tax practitioner.

Conclusion

Kryptos is pioneering the future of Web3 finance by establishing a standardised financial data protocol layer that seamlessly connects diverse Web3 platforms. As the definitive Open Banking standard for Web3, Kryptos equips developers, businesses, and end-users with the tools necessary to share and utilise data effortlessly. Supporting over 5000 platforms, including major CEXs, DeFi protocols, and Blockchain networks, Kryptos enhances interoperability, compliance, and accessibility in Web3 with its APIs and products such as real-time financial analytics, compliance-ready tax reporting, and personalised portfolio management.

Be sure to check out their technology and core products including a free mobile app for both Android and iOS for a first-hand experience of what they can do.

References

This is a repost of Pione3rs — Issue #17 written by Aly Madhavji on Medium on September 19, 2024.