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Verady’s Vision for Asset Audits and Verification

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The rise
of bitcoin along with other cryptocurrencies represents a watershed moment for
the world of digital innovation.

 

But the
growth in the market capitalization and complexity of these assets has spawned
the need for an “assurance service” that provides auditing, verification,
monitoring and reporting around them.

 

Verady , LLC, a company with a stellar track record in delivering these
services to the Bitcoin market for several years, is now extending and launching
a public-facing network platform to fill this growing need across all
blockchain asset classes.

 

Established
in October 2016 as a startup company based in Atlanta, Georgia, Verady’s
strategic path was paved by way of discussions and research from the blockchain
regulatory software company
Coinpliance
and its clients.

 

Coinpliance
was founded in 2013 and successfully serviced the Bitcoin marketplace until the
sale of its processing service to a major client. The founders of Coinpliance
later combined their experience and assets to form Verady.  

 

Verady’s
two co-founders, Kell Canty and Nathan Eppinger, are both computer science graduates
from Georgia Tech. Their combination of common backgrounds with differing
experience levels and perspectives have led to a unique profile for the
company.

 

“I’m a technologist by heart and have a computer science degree
from the Georgia Institute of Technology,” said Canty. “I’ve co-founded
multiple fintech startups, including a market-leading real-time credit and risk
assessment company that was acquired into Fair Isaac Corporation.”

 

Canty initially became aware of Bitcoin through his
interest in payments and computer science in 2012. Later, he became intrigued
by the concept for a Bitcoin regulatory software company. This led to the
founding of Coinpliance in 2013. Later, he and Eppinger reconnected to
establish Verady for the purpose of addressing the world of blockchain asset
assurance.

As CEO of Verady, Canty leads product direction and business
development efforts, while Eppinger serves as the CTO.

 

When asked
what emerging trends are currently informing the strategic direction
Verady, Canty indicated the following:

 

· The amazing rate of growth in terms of both the
value and diversity of blockchain-based cryptocurrencies and tokenized assets

 

· The lack of tools and services to address
traditional industry standards regarding accounting, auditing and verification
of blockchain assets

 

· Gaps from a regulatory standpoint, particularly
in the area of taxation

 

· The “blind spot” that traditional financial
services, particularly credit/loan offerings, have for the value of blockchain
asset balances and cash flow held by individuals and companies

 

One of
Verady’s core beliefs is that traditional accounting systems, firms and standards
currently lack the functionality regarding new innovations of cryptocurrencies
and other blockchain assets.

 

Blockchain’s
value as a public transaction ledger makes it ideal in terms of serving as the
basis for independent verification. Verady, however, asserts that a gap exists
in terms of the blockchain not holding the information in a form that
accountants, auditors and other financial professionals can access, understand or
use.

 

Verady’s
blockchain asset assurance network, known as “VeraNet,” is poised to address
this. By assuring these assets, the VeraNet will provide the bridge between
blockchain-based crypto-assets and the traditional financial ecosystem. This
bridge is designed to manage the complexities of blockchain technology in order
to deliver concrete, standardized reports and data that is usable by
traditional financial institutions.

 

“Verady’s
long-term vision is that of being the globally recognized leader in the area of
blockchain asset assurance,” said Canty. “Audit, verification and
reporting on these assets can serve to help them be further adopted on a worldwide
basis. Combined with blockchain-based identity, the enablement of credit
underwriting based on cryptocurrencies could greatly aid in financial
inclusion, particularly for many living in underdeveloped countries across the
globe.”

 

To learn
more about Verady, visit its
website and follow it on Twitter .

 

The post Verady’s Vision for Asset Audits and Verification appeared first on Bitcoin Magazine .


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