In this week’s interview, we talk to Adam Efrima, who is the Co-Founder of Blox, which specializes in crypto asset tracking and accounting software. Read the full interview below to find out why finance professionals shouldn’t “rely on outdated spreadsheets for labor-intensive manual [crypto] tracking”.
BitIRA: What is your background, and how did you first hear about cryptocurrency?
Adam Efrima: I was deeply entrenched in the world of digital finance and technology, especially in the Asian markets. I was tasked with opening up the eToro Shanghai office, serving as the Operations Director. It is there that I began to understand what it takes to build and operate a great Fintech product. A few years later, I opened my eyes to the world of cryptocurrencies and eventually went on to co-found Blox.io.
BitIRA: How did Blox come about and what is its mission in the blockchain ecosystem?
Adam: Blox was created out of a personal need to find simpler ways of tracking and viewing all of our crypto investments more easily. There are difficulties in connecting with the wide variety of different blockchains, exchanges, and wallets. We decided to develop and introduce automated efficiency for tracking and managing digital assets, dedicated to professionals and businesses. Today, Blox has built a crypto asset tracking and management platform for crypto accounting and bookkeeping. Our technology is helping to empower CFOs, accountants and finance teams with the best tools and solutions to manage all their crypto transactions and portfolios.
BitIRA: What do you think are the main challenges that financial teams face when managing digital assets like Bitcoin?
Adam: There are millions of transactions taking place every day, with no easy way to manage how they are classified and accounted for in one simple system. For the complexities of crypto accounting and bookkeeping, there are very few solutions capable of using automation to do the job. Most companies still rely on outdated spreadsheets for labor-intensive manual tracking. But, this is impractical for finance teams that are required to painstakingly track and manage their digital assets. When considering the expected growth of blockchain and cryptocurrencies, it’s imperative to educate and empower finance teams and all accounting professionals.
BitIRA: What advice would you give to investors or firms regarding how they track and manage their cryptocurrency transactions?
Adam: The best advice is to always stay updated with the latest news and trends surrounding cryptocurrencies and crypto accounting. Additionally, research into financial technology is a worthy investment in time, money and resources when looking to employ a solution for tracking and managing crypto transactions. However, it is crucial to select a solution that is secure, automated and exceptionally accurate.