Cryptio, a developer of accounting software for digital assets, raised $45 million in a Series B funding round as financial institutions and businesses expand their use of blockchain-based assets.
The round closed about three weeks ago and was led by BlackFin Capital Partners and Sentinel Global. Existing investors 1kx, BlueYard Capital and Ledger Cathay Capital also participated, Fortune reported, citing a company announcement. The company’s valuation was not disclosed.
Cryptio’s platform helps companies track the digital assets they hold and where those assets are stored across wallets, custodians and exchanges. In January last year, the company raised $15 million in an extension of its Series A funding round starting in mid-2022.
The software also helps businesses manage crypto loans and monitor other blockchain-based assets. The system organizes this data so that businesses can produce accounting documents and financial reports.
Cryptio was founded eight years ago by Antoine Scalia, after graduating from business school in Paris. The first customers were startups and small crypto companies.
The firm now employs approximately 110 people and serves more than 450 clients. These clients include stablecoin issuer Circle Internet (CRCL) and the blockchain subsidiary of French bank Société Générale (GLE).
Cryptio operates in a growing market for crypto accounting tools. In January, crypto infrastructure company Fireblocks acquired competing platform TRES Finance for $130 million.
Jeremy Kranz, managing partner of Sentinel Global, said Cryptio has gained traction by working closely with large financial institutions and explaining how its system integrates with their existing accounting processes.
The fundraising comes as U.S. corporate adoption of the crypto space has accelerated, with the Trump administration pushing policies intended to strengthen the industry in the United States. Its cyber strategy is committed to “supporting the security” of cryptocurrencies and blockchain.
Regulatory and accounting changes have also reduced barriers for institutions. Regulators replaced the SEC’s SAB 121 guidance with SAB 122, relaxing custody rules for banks, while new Financial Accounting Standards Board rules taking effect in 2025 require companies to report crypto assets at fair value.
