On Aug 24 2023, Elven hosted a professional panel of crypto financial management at Millenia Tower, Singapore during the Token2049 fest. Five crypto financial professionals attended the panel and gave their thoughts and insights. The panel is supported by ChainUp, the strategic partner of Elven which provides a complete suite of blockchain technology solutions for businesses, covering both infrastructure development and ecosystem support.
The topic of the panel is 'Best Practices of Crypto Projects to Manage Entities and Accounts'. Junxiu Guo starts the panel with a typical case which describes "The Daily Troubles of a Web3 CFO". Three questions are involved with the 'CFO' in this case:
- What’s the ownership of the token in my Hot Wallet?
- How to make the OTC trading compliant and low-cost?
- How should I manage the approval process and related vouchers?
The experts gave their thoughts about the topic:
Mike Featherstone, the CFO of Flipside, a leading data service provider, mentioned about the complexity when long tail tokens are involved in company's treasury management. He recommend the audience to have a open mind on management tools and 'find out the best combination you can have'.
Christian Corrigan, the CFO and COO of Blockoffice, a financial reporting and backoffice for startups, shared his thoughts on compliance issues invovled with multi-jurisdictional area registration for web3 companies. 'The companies usually have a entity in BVI and their office at Singapore, so when it comes to account management, invoicing and financial reporting, they should be cafeful on choosing the right one', Christian mentioned.
Jordan, the co-founder and COO of Uxuy, a decentralized exchange built on MPC wallet, gave audience with valuable advice from his successful serial entrepreneurship. He expressed the necessity of good account and entity management from day 1 and the importance of choosing the right platform to handle the management.
Jiazi Guo, the CEO of ETZ, the world first B2B crypto retirement as a servies platform. Shared her experience on regulation and compliance. 'People are emotional about their retirement accounts, so we have to take good care of their assets at ETZ. We have bought insurance for our client's assets to make sure they are as safe as keeping them in the banks.'
In the end, Junxiu Guo shared how Elven will help companies to better deal with the challenges of entity and account management:
Firstly, there should be a clear structure of the entities and related accounts. And Elven's advisory service will help clients to do the mapping and give advice to improve.
Secondly, trading such as OTC will involve both fiat and tokens, so every on-chain transaction should be correlated with possible off-chain counterparts.
Thirdly, he mentioned Elven's effort to integrate with the business system and OA system so that users can manage all of their vouchers and invoices in one system.
In the next panel, we will talk about the FTX case with the proposed ASU of crypto assets from FASB. You are welcome to join the event by join our telegram group.