Ledgermatic, a Treasury, Finance, Custody Solution, Is Now Live, Compatible with Algorand Ecosystem

Ledgermatic, the treasury, finance and custody solution, reveals that it’s now live and “compatible for the Algorand ecosystem.”

Businesses that use the Algorand network, hold Algo’s and use native ASA tokens are able to “leverage Ledgermatic as their custodian and back-office finance solution with a first set of clients currently active on the system,” the announcement confirmed.

Ledgermatic’s platform brings new features for the market “to orchestrate a variety of finance functions previously unavailable to the industry,” according to a release shared with CI.

Customers are able to look at their global digital asset positions and flows “by geography, asset, and business unit, allowing them to manage liquidity and exposure in real-time,” the announcement explained.

Customers are also able to “recreate their corporate structure and assign a variety of account types and third parties to the individual entities; segregated, pooled, and virtual accounts can manage a variety of trading, investment, and back-office activity,” the announcement revealed.

Users may also link their digital asset activity to their general, sub-ledger, and Chart of Accounts (CoA). The update also mentioned that granular financial controls “for segregation of duties, veto rights, and audit views vastly reduces the opportunity that Ledgermatic users are exposed to fraud, waste and abuse.”

This means businesses can now “reconcile and account for their digital asset operations centrally instead of managing their business in silos,” the release noted.

The integrated Ledgermatic custody service is presently in use for the growing requirements of modern digital asset businesses, where “a segregated and secure service is needed for treasury holdings, third party escrow and collateral, short term holdings on excess revenues and long term, ‘buy and hold’ investment strategies,” the announcement noted.

Ledgermatic is currently available to token holders, Algorand-built platforms, investment funds and exchanges and is currently working to make Algorand staking accessible via its platform imminently. IBMR, the project behind ARCC, one of Algorand’s “largest token holders,” uses Ledgermatic as their custodian.

Sinjin Jung, MD at IBMR, stated:

“We believe Ledgermatic is the best suited solution for our needs. It couples a highly sophisticated and secure custody service that is embedded into a treasury system so we can manage our holdings from a single portal. For diverse crypto operations, it’s a necessity for transparency, audit and administration.”

Ledgermatic CEO Luke Sully remarked:

“The Algorand ecosystem is a vibrant community of really impressive and focused projects. We recognized the growth in these projects and wanted Algorand to feature amongst our first set of protocols we work with. With Ledgermatic we enable Algorand activity to drive overall financial growth and convert back offices into a dynamic, secure and hyper-connected function.” 

W. Sean Ford, COO of Algorand, added:

“We are thrilled that Ledgermatic recognized the robust ecosystem developing on the Algorand blockchain, and have prioritized making their treasury and custody tools available to the accelerating number of individuals and organizations launching assets on Algorand. With compatibility across the ecosystem, digital asset businesses building on Algorand can now seamlessly tap into Ledgermatic’s offerings.”

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