Crypto Accounting Platform TRES Raises $11 Million to Expand Services

According to CoinDesk, TRES, a cryptocurrency accounting and taxation reporting platform, has raised $11 million to expand its service to all corners of the blockchain industry. The Tel Aviv-based company currently supports over 100 layer-1 and layer-2 networks including Bitcoin, Ethereum, Solana, and Avalanche, and aims to add support for new blockchains every week. TRES currently services clients with combined assets worth $19 billion, helping them manage, monitor, and reconcile their digital asset activity. As the crypto industry sees more institutional adoption, there will be a greater need for accounting and taxation reporting tools similar to the ones companies can access in the traditional financial world. TRES is looking to provide such firms with a comprehensive way to get the full and accurate picture across all of their Web3 financial activity, according to co-founder and CEO Tal Zackon. This makes it easy for all customers to stay compliant across their accounting, audit, and reporting functions. The Series A round brings TRES' total funds raised to $18.6 million, with Faction, New Form, Cyber Fund, and Ambush Capital among its backers.