Sukesh Tedla from Kryptos on Building an Enterprise Grade Crypto Accounting Software

[00:00:00] Sukesh: We never thought like the individual CTC or CoinTracker would be the primary competitors because going into the enterprise space, we were mainly looking at like the TRES Finance or Cryptio or Bitwave who have been there for quite some time. 

[00:00:16] Umar: Kryptos goes beyond just crypto bookkeeping. You are offering treasury management, token vesting, payroll, invoicing, even audits and proof of reserves.

[00:00:27] Umar: What's different about Kryptos as compared to other subledgers?

[00:00:31] Sukesh: I think other subledgers lack is the country settings. We were a tax product for retail before we launched enterprise, so we know all the tax regulations and legislations in different countries and how different types of transactions and capital gains, how they're calculated.

[00:00:48] Umar: And how does pricing compare to other subledgers? 

[00:00:51] Sukesh: For those companies paying $6,000 as a baseline price in these other subledgers is not gonna work. Our pricing starts at.. 

[00:01:01] Umar: Welcome to The Accountant Quits podcast, where we help accounting and finance professionals learn how to manage a business using crypto.

[00:01:09] Umar: In this episode, Sukesh Tedla the CEO at Kryptos and I discuss the newly launched enterprise product where Sukesh even provides us a quick walkthrough of the platform, including their accounting, treasury management, token vesting and invoicing module powered by Request Network.

[00:01:27] Umar: Sukesh you started with retail, but now you are also targeting enterprises.

[00:01:32] Umar: What's the different selling to enterprises? 

[00:01:34] Sukesh: We definitely saw one key difference, at least working with enterprise customers, is that...

[00:01:45] Umar: Sukesh welcome and thanks for making the time to be here.

[00:01:50] Sukesh: Yeah, great to be here and thanks for having me. Really appreciate the opportunity.

[00:01:54] Umar: Sukesh, I wanna start with why you've decided to launch a subledger. So on this podcast, we've spoken with many founders of crypto subledgers. I already mentioned in the intro what a subledger does, but it's basically the bridge between onchain activity and traditional accounting.

[00:02:11] Umar: It would extract, process, feed transactions from the blockchain, exchanges, DeFi protocols into the main ledger, right? So I said you originally started in 2023 as a platform for individuals to track their crypto portfolio and calculate their tax liability, but now you've expanded into enterprise. So my question to you is, why make that leap into enterprises? Was it simply a natural evolution of your product?

[00:02:41] Sukesh: Yeah, it's a natural evolution of our product. We always had this vision since we started, like Kryptos back in 2022, 2021. So our vision is to like become the financial hub for web3. So we started with retail, and now we are expanding to enterprises and we actually teased some partners recently about developer access as well.

[00:03:04] Sukesh: So that other developers can come and build financial applications on top of Kryptos. So essentially the vision here is like, much bigger. We wanna become the financial data layer in web3, and that's what we are working towards right now.

[00:03:20] Umar: Beautiful. Okay. When you say, maybe I want to expand on this a little bit.

[00:03:24] Umar: So other developers can come build within the Kryptos ecosystem. I noticed for your invoicing module, you partnered with Request Network, which is an open source protocol for onchain payments.

[00:03:37] Umar: Could you maybe even before we dive into the product, which we'll do in a bit, expand how developers can build on top of Kryptos?

[00:03:47] Sukesh: Yeah, sure. So today if you wanted to create like a financial application in web3, right, so, whether it be like providing insurance services or lending services, or if you're operating a hedge fund.

[00:03:58] Sukesh: So every single one of these use cases have the requirement for financial data, which is like structured easy to use, so that easily they can plug in their accounts from exchanges, wallets, blockchains, and they should be able to like create different use cases that they're not able to do so today because of the lack of data itself.

[00:04:17] Sukesh: So we have this financial data that we've been building and fine tuning and improving the quality for more than three years now. So we created a standardized protocol between all the chains, it's not just read only, but you can also interact with different protocols, different exchanges within this framework.

[00:04:37] Sukesh: So using this now, other developers, can easily just plug in our SDKs, our widgets and they can onboard like, yeah, users and get to market like super quick. So think of it like Plaid, but for web3. So Plaid kind of revolutionized the FinTech industry in TradFi. We are trying to do the same thing, but for focused on crypto and web3 investors, primarily.

[00:05:03] Umar: Is there an example that you can share of a company that has built on Kryptos like so far?

[00:05:10] Sukesh: Oh yeah, yeah, sure. We actually have our own flagship project that we just released, which is called Fyni.ai, which is a financial co-pilot that's built on top of Kryptos and it leverages the Kryptos infrastructure.

[00:05:24] Sukesh: So basically what we created is like think of it as a proof of concept, but also it's a standalone product with its own roadmap and everything. But like what you can do with  Fyni.ai is that it has access to all your portfolio information and, it knows your patents, your risk profile, your, like are you into DeFi? or you into your meme coins?

[00:05:47] Sukesh: So it knows everything there is to know about your organization or as an individual. And then it can provide daily recommendations about your portfolio, daily opportunities, suggestions. So there's like a lot of opportunities in DeFi on Morpho, Aave or like different protocols, right, that most other people don't know about today.

[00:06:07] Sukesh: And these kind of like treasury management actual use cases, finding these opportunities. So that's what it does. And then it also maps that to the user's portfolio data. Like if you have Solana, but you are getting suggestions about Ethereum, it doesn't make sense. So now it has that full context about the user's portfolio, and then it can start to provide, more custom recommendations and personal recommendations and suggestions to the users and businesses basically.

[00:06:35] Sukesh: So this is just one of the use cases that we created. But we are already talking with compliance platforms, which needs to provide, proof of funds tracking for banks or institutions, for instance, or we're talking with insurance companies because today the whole insurance process in crypto is like super manual.

[00:06:54] Sukesh: You have to go through like all the, what assets do you have, which protocols you interacted. All this information can be automated, like once you connect with Kryptos. So you just have a small widget called connect with Kryptos. You click on the button, you enter your Kryptos logins. That's it. You get access to all the information from your Kryptos profile automatically into that application.

[00:07:14] Sukesh: So you are giving permission to share the data. You have full control of your data at the end of the day, and now you're getting access to all these different services, applications and AI agents in one platform. So that's the vision that we are working towards basically.

[00:07:30] Umar: You mentioned Fyni.ai How do you spell that?

[00:07:33] Sukesh: Fyni.ai

[00:07:35] Umar:  Fyni.ai perfect. I will also share that maybe in the show notes. Perfect.

[00:07:38] Sukesh: Yeah. Yeah. It's on wait list right now, but it's going live in two weeks.

[00:07:42] Umar: Perfect. Now, I've noticed that several consumer-focused tax tools like CryptoTaxCalculator, CoinTracker, they've also launched like their enterprise subledgers.

[00:07:54] Umar: At The Accountant Quits we're always excited to see more tools supporting accountants in this web3 space. But I want to ask you, what broader macro shifts in the institutional crypto adoption do you think are driving so many players now to pivot towards enterprise users right now?

[00:08:11] Sukesh: So there is fundamental issue right on the retail side, which is like, it's quite competitive.

[00:08:16] Sukesh: It's quite crowded already and , there is a bit of less appetite for individuals to like do the taxes in crypto. That's the reality of it and your ticket sizes for sales is like super low and everyone's competing for the same customer. Maybe you offer a better rate or maybe another extra integration, and better support maybe.

[00:08:37] Sukesh: But like at the end of the day, the market is limited, in my opinion and, if you wanna succeed as a business, because I think there is already a stagnation, in the retail side, on how many users you can onboard. And it takes a lot of money in marketing to attract these people. So at the end of the day, your margins are super low, if you're counting in your marketing cost.

[00:09:00] Sukesh: So companies like Koinly, because they have early mover advantage, so they are sustaining right now. But like the newcomers, it's quite difficult, to sustain and for us it was kind of a natural evolution because we had this bigger vision in mind. We looked at like the rest of the market. We never thought our, like the individual CTC or CoinTracker would be the primary competitors because, we thought, like going into the enterprise space, we were mainly looking at like the, TRES Finance or Cryptio or Bitwave, who have been there for quite some time.

[00:09:35] Sukesh: But we haven't seen like the level of innovation that you see on the retail platforms. Not on the same as on the subledgers. So, the user experience or the diversity of integrations, the functionalities are not like at the same level, like they're way apart, like one year apart, in my opinion.

[00:09:52] Sukesh: So that's where I saw there is a gap in the market and if we can provide a better service, better quality of the data, better user experience. That's all it takes to become a leader in the enterprise market. So, that's how we started with this idea and we actually didn't even launch publicly yet. But it's been like four months since we are in beta and, we already onboarded like more than 50 businesses and mostly organic.

[00:10:20] Sukesh: Like people are reaching out, because they have a need, for these kind of solutions which are affordable, which are like upfront, no hidden fees, nothing like complex. So they can get everything done quickly. So that's what people are looking for and we actually closed one of our big deals through live chat, on our platform.

[00:10:39] Sukesh: So I think the, the dynamics are changing, in the enterprise space. So that's the reason, like you see all these other players coming in now and, because everyone wants to get a share of the pie. So yeah, I think, we will see, I think Koinly also started on it, but I don't know where they are at.

[00:10:56] Sukesh: But yeah, I'm sure they also started. I think at the end of the day, it's a natural evolution for everyone.

[00:11:01] Umar: Now I want to go through the sales process and how selling to individual versus enterprises differ. So like I said, you started serving individuals, but the journey is usually self-serve. Like you just sign up, you connect your wallets. You generate the tax report, but selling to enterprises is completely different.

[00:11:20] Umar: You have longer sales cycles probably. I wanna ask you, what have you had to change internally in your sales process to make that shift from individuals to enterprises and yeah, were there any surprises that how enterprises evaluate, crypto tax or an accounting tool?

[00:11:37] Sukesh: Yeah, for sure. We definitely saw one key difference, or at least working with enterprise customers is that almost every customer has one or another custom requirement. So that's the reality of it, because every business is unique and, they have their own structures and everything, so it's always like prioritizing which ones we will implement and focus on versus yeah, not doing things right.

[00:12:03] Sukesh: So, the way we create it is like...

[00:12:04] Umar: can I interrupt you, Sukesh? Can you give an example for the listeners, like what a custom requirement from an enterprise can look like?

[00:12:12] Sukesh: Oh yeah, sure. So, like some users wanted a specific chain integration, or some users wanted, the data format to be presented in a certain way or, some users didn't want, to have, certain details on the invoice for instance.

[00:12:27] Sukesh: So these kind of things are minute, but like they're also complex and also some users have like thousand wallets. How do you deal with that when you're coming from a retail platform? You don't see maybe a hundred wallets. We saw 200 wallets, but like thousand wallets. It's a bit, unique for a business to have.

[00:12:45] Sukesh: Of course, if it's an exchange or something, it's way different. But like just maintaining an on an operational level, a thousand or 1200 wallets is just like a unique, business structure that they have. So, adopting to those kind of things is the, is where like, yeah, the challenging aspect I would say.

[00:13:03] Sukesh: But because we are like super dynamic team, yeah, so we were kind of flexible in these early days right now to adapt, to kind of get a product market fit. At the end of the day, identify our niche, in the space. We offer a ton of functionality, as you mentioned in the beginning of the show.

[00:13:20] Sukesh: So we are trying to find, which use cases shine, in these, applications, and especially talking about SAFT tracker, right? So we have customers, every VC has their own structures, the way they track things like Excel sheets, calendar notifications.

[00:13:35] Sukesh: They want to see certain data points like written off investments or how much, they got and different investments and so forth. So adapting to these were the challenging aspects. But like our sales process right now is around two weeks, from the first meeting to closing the deal. So it's pretty fast. I would say, and some customers are just signing up themselves and using the platform.

[00:13:57] Sukesh: And then they're purchasing the subscription. So it's also kind of self, self use platform as well. Same as to our retail solution. So we didn't limit users. Okay. You have to go through us. No, you can sign up, test it if you like it, you can purchase, if you still wanna have a meeting. Yeah. We are ready to, schedule a meeting with you.

[00:14:16] Sukesh: So that's how we structured it.

[00:14:19] Umar: Now, like I said, you haven't just launched a crypto sub-ledger on your platform. I noticed and you just mentioned, so you have modules for treasury management, SAFTs, token vesting, payroll, invoicing, even audits and proof of reserves, far beyond the bookkeeping and reporting features most subledgers focus on.

[00:14:38] Umar: So that feels like a clear differentiator, but I wanna ask you, when you speak with the CFOs at these web3 projects, do they actually want this all in one platform that covers everything because there are other like web3 accounting and finance tools that specialize on just one use case, like just invoicing and just, token vesting.

[00:15:01] Sukesh: Yeah, I think, people do, at least based on our conversations, because people are tired of like, moving their data from, like, for instance, if they use, I know some tool for payment processing today and they wanna pull all that financial data again into an accounting software and now they have to export that data to zero or QuickBooks and generate financial statements.

[00:15:22] Sukesh: So much manual work and there is a lot of, room for errors, in the process. If you can automate everything, automate their businesses, so that CFOs have a peace of mind and accountants doesn't have to spend days to close the books. That's a win for them. So they're willing to spend top money, for such kind of solutions, right now.

[00:15:42] Sukesh: And, we we're gonna be, innovating fast and we're gonna be like bringing new functionalities, payment solutions. Maybe not just invoicing. Invoicing is like basic. But if you are operating a big business, like a service providing company, a PR company or something, so you need like a payment solution that's integrated with your accounting solution so that all your payments from customers, like whether it's Stripe or anything, right, like it's automatically plugged into your backend accounting software so that you don't have to export input, process of fees manually and everything. So that's the automation where it solves a lot of manual processes and, mistakes. Yeah.

[00:16:21] Umar: Are you partnering with other companies, protocols to build all these modules and features?

[00:16:26] Umar: I mentioned earlier, for example, you partnered with Request Network and maybe you could elaborate a little bit more on this integration of Request Network and the others, that you have.

[00:16:37] Sukesh: Yeah, sure. So, we've been working with Request for quite some time, so they've been of they've been one of our greatest partners, I would say.

[00:16:44] Sukesh: So the team is great there and we are mainly leveraging their technology for payments, invoices, and a lot of other, yeah, financial processing, kind of things. But we are also bringing our own, other partners as well for fiat or banking infrastructure or, yeah, so those kind of things like we are partnering with others to bring those into Kryptos as well.

[00:17:06] Sukesh: So as I mentioned like in the beginning, so our vision is to become the hub, so where you get everything so you don't have to go anywhere else to run your business, to do your personal taxes, and everything there is to do about digital assets you should be able to do from Kryptos. So that's the vision.

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[00:19:01] Umar: Now Sukesh for the next part, I'd like to do something we've never done with a crypto subledger before. I'd like to ask you if you can provide us the listeners with a five minutes demo of the Kryptos platform, given you have so many different features, I thought that would be interesting and provide us with a glimpse of all the modules that you've built.

[00:19:21] Umar: Now before you do that for the listeners, if you're watching on Spotify or Apple Podcasts, I would recommend switching over to like YouTube because we're also on YouTube, so you can actually see what, what Sukesh will be sharing. Actually on Spotify, you can already see the video, but if you're on Apple Podcast, it's better that you switch.

[00:19:42] Sukesh: Yeah, sounds good. Let me go ahead and share my screen.

[00:19:45] Sukesh: So this is Kryptos Enterprise. So we are currently in beta. We are going live pretty soon, publicly. Here you can have multiple businesses.

[00:19:54] Sukesh: So the primary thing is like the different workspaces. So every web3 company has multiple entities, so you can like switch between workspaces pretty easily from here. And then this is a primary main dashboard where you can get like a comprehensive overview about your organization and you can also have sub accounts as well.

[00:20:13] Sukesh: So for instance, if you have an operations team and marketing team, so you can like create separate portfolio views so that you can switch between those views to see exactly what the position's looking like across different parts of your organization as well. And in this view, you can check your liquid holdings.

[00:20:31] Sukesh: Which assets do you have, where do you have, so you can just click on any asset. You can exactly see in which accounts do you have these assets, what's the allocations, ROIs, unrealized gains and everything. And then on top of this, so the first step you have to do is basically create a portfolio, which is basically, as I mentioned, like it's a group, it's a wrapper around, around your group of accounts, like for operations, marketing, liquidations, market making and things like that.

[00:20:59] Sukesh: So here I just have a test portfolio and where you can add integrations. So for instance, we support like over 5,000 integrations today with DeFi protocols and everything included. So we have APIs, we have CSV files that we support with the exchanges.

[00:21:16] Sukesh: So if you are using like a Binance and if you are doing like a lot of different things, you can just download the Binance csv and upload it and we support over 70 different Binance products today.

[00:21:27] Sukesh: So we should be able to cover most of the integrations, and data. And whenever you are entering like EVM addresses, so you just give like a wallet business account and then you enter a wallet address, our system will automatically recognize all the other EVM chains your wallet has interacted with or have transactions in, and then you just click import and it'll pull all the data from all these chains in parallel for you so you don't have to do everything manually. And once you pull the data, you can basically see your balances, your transactions. You can go to the transactions view where you can also, yeah, check all your transactions in, one go and at a time.

[00:22:08] Sukesh: So here we automatically label the transactions as well. I know in other products you have to do this labels manually. So in Kryptos we automated that. So we support over 60 different types of labels, including bridge transfer detection as well. So if you are bridging between chains or if you're participating in lending or margin trading, futures trading, so all those scenarios are covered, in this and, you can basically expand on any transaction.

[00:22:36] Sukesh: You can see which protocol was it on, what function did you call on the smart contract level and, what's the ledger looking like after doing this transaction? You can add comments, you can tag transactions for further reviews, and also you can do your accounting directly from here. For instance, we automated, a few things, with our rules engine.

[00:22:57] Sukesh: So you, you just select, okay, this is a revenue transaction, that it belongs to here. So from here itself, you can automate or you do manually, but also we have a rules engine, which helps you automate things, as well. Yeah. And then, one other cool thing here is that you can name your, addresses.

[00:23:14] Sukesh: So this is customer A, customer B, so you can automatically name them, directly from here and it gets updated into your contacts list. And we have, one unique feature over here.

[00:23:26] Sukesh: Our system knows already, like if you interacted with a particular exchange and you forgot to add that exchange into the, into your accounts, so it identifies that and shows that to you.

[00:23:37] Sukesh: Like for instance, these are all the addresses that belongs to different exchanges that I, interacted with, but I forgot to add. So even on the portfolio's use, we show that over here. Like, okay, you forgot to add these different integrations that you might wanna go and check. Because this is one of the biggest issues that we hear from CFOs that people often forget to add all the data.

[00:24:00] Sukesh: So, this automatically addresses that issue for them. And, then coming to our DeFi view. So I think there is only one other platform in the market which has it today. In terms of the subledgers at least. So in our DeFi view, you can check your DeFi portfolio across 5,000 plus DeFi protocols, EVMs, non EVMs, everything included.

[00:24:22] Sukesh: So here you can see your rewards, you can see which protocols you have, the positions in, how they're performing. You can see all the DeFi history curated over here, all the protocols, list which ones you are connected, and so on and so forth. Same thing with NFTs, as well.

[00:24:36] Sukesh: And then you also have SAFT tracking, so where you can track your token vesting agreements or investments, very early stage investments as well.

[00:24:44] Sukesh: So we have two methods to import your token listings. One is auto sync, where you enter your wallet address, click on auto sync. We go and check all the other vesting contracts like Team Finance or Magna or Liquifi, and try to pull all the data automatically for you. So you can track everything in one place, or you can upload your SAFT agreement.

[00:25:06] Sukesh: And our AI will extract all the key details, like, what's the deal, how much did you invest? What round, what amount, and then you can also manually add them and then in the detail view where you can basically see all the information about, your investment, return of investment and everything, as well.

[00:25:24] Sukesh: And then this is our portfolio and treasury management solution. And now going into like accounting. So we have currently support for Xero and QuickBooks. We are constantly adding new ones. And you can also have custom chart of accounts over here. So whatever you have chart of accounts, we can automatically import into Kryptos.

[00:25:43] Sukesh: And then you can also create new chart of accounts directly from here as well. And then we have a rules engine, that can automate your bookkeeping. So you can like, set up multiple multi-layer rules. So condition one, condition two, condition three. And so forth. And yeah, this is our reports module, so you can generate like different kinds of reports.

[00:26:03] Sukesh: We support pretty much all the standard reports that's required. And one other unique thing, I think other subledgers lack is the, country settings. So we customize on the treatment of different transactions to different countries because we were a tax product for retail before we launched Enterprise.

[00:26:23] Sukesh: So we know all the tax regulations and legislations in different countries and how different types of transactions and capital gains, how they're calculated. So that part is already automated, so you don't have to do that manually as a CFO and accountant, when you do it like in, other platforms, in Kryptos, it's automated for you.

[00:26:42] Sukesh: And you can also fine tune like how you treat different types of transactions as well, over here if you want to.

[00:26:48] Sukesh: And, we have an inbuilt, AI checklist that we prepare for CFOs and accountants to close their books. So like all the manual control checks that a CFO does before closing the books, like checking all the uncategorized transactions or missing purchase histories, missing prices.

[00:27:06] Sukesh: Forgetting like integrations or checking high P&L transactions. So everything is like curated. Oftentimes you will see it above 95%, in most cases, and you might just have to go and label few transactions. But yeah, so this basically automates everything for the, users that are using the accounting and bookkeeping solution.

[00:27:27] Sukesh: And finally, we have a payments solution that is of course powered by Request Network. And here, you can generate invoices. So we did some innovations on top of what the Request Network has, right? So here you can automatically fill in the customer details. So one unique thing here I wanna show is like, we have one time invoice, but also recurring invoice.

[00:27:48] Sukesh: So other platforms, I don't think this has, they have this so you can select on which frequency do you wanna send the invoice on? And how do you wanna send it? And yeah, you can charge in any currency you want, the customers can pay any currency they have. And what happens is that whenever the transaction is paid, the bookkeeping is done, and the invoice matching is done automatically, in your, bookkeeping.

[00:28:11] Sukesh: And all the journals and everything is automatically created from your AR and AP to actual reporting, within your journals, sales and revenue journals as well. So in that way you're automating your, revenue process, but also your bookkeeping, compliance process. We also have Invoice Me functionality where you can send the link and you get all your vendor payments and supplier invoices over here.

[00:28:36] Sukesh: You just select batch payment and pay everyone in one go. And when you pay through Kryptos, everything is automated for you. You don't have to do anything manually, like accounting and all of that. So this is Kryptos Enterprise. I hope, it's super clear, for everyone.

[00:28:50] Umar: That was amazing Sukesh. I'm pretty impressed with everything that you've built in like such a short amount of time for the enterprise, user. And, this might have been one of the fastest demos you've, you've had to do, but, I think I, I think you were able to cover everything for the listeners, so thank you for that.

[00:29:09] Umar: I'd like to move on to the next topic, which is pricing.

[00:29:12] Umar: Like a sensitive topic when it comes to like choosing a sub-ledger. So a lot of subledgers, they have a SaaS pricing model based on the number of transactions. As an early entrant in this space, how have you designed your pricing model for enterprises? What factors did you weigh into make it both competitive and sustainable for you as a business?

[00:29:33] Sukesh: So like if you look at like the market landscape and who these existing providers are serving. So these are mainly focused on top tier clients. Of course the ticket sizes are quite high and the sales process is quite, long as well. But I think there's a huge market gap where the SMEs or the startups and the mid-size companies, maybe a couple of million dollars in the treasury.

[00:29:56] Sukesh: For those companies paying $6,000 as a baseline price, in these other subledgers is, is not gonna work. So our pricing starts at $2,000, per annum. And it can go up to, yeah, much higher as well, depending on the complexity of the user's portfolio and everything, but like we packaged everything together so that you don't have to like, okay, now you wanna have invoices, now you need to charge another $2,000.

[00:30:24] Sukesh: It doesn't make sense. So we don't work, work that way, compared to other subledgers. So you get, standard pricing. So 20 integrations, 10,000 transactions in our base plan. Which is more than any other subledger that offers today. And you get full history support. We don't charge based on like history or anything separately.

[00:30:44] Sukesh: And, yeah, you get all the functionalities, accounting, bookkeeping, invoicing, everything. 

[00:30:49] Umar: So even with the base plan, you get all the, access to the different features like you showed us, like the token vesting, the payroll, not the payroll, the invoicing.

[00:30:59] Sukesh: Yeah, exactly.

[00:31:00] Umar: Got it.

[00:31:00] Sukesh: Yeah. Payroll is also coming actually, I think in the next two weeks or so.

[00:31:04] Umar: Okay. What will be different with the payroll as compared to the invoicing? Could you maybe give us a sneak peek into this payroll module that you have?

[00:31:14] Sukesh: Yeah. I don't have the demo right now, so basically you can onboard all your team members, consultants, employees, within your organization.

[00:31:22] Sukesh: Most of the web3 companies work in a kind of freelancing or consulting based structures, today with their, employees. So they have their own view, so they can check their payslips, they can check, for, from a company standpoint, they have all the invoices generated, for their accounting purposes from all these consultants automatically.

[00:31:41] Sukesh: And, yeah, so everyone can get paid at the end of the month, yeah, in an automated way. And then, all the bookkeeping is done for you, when you do that. So yeah, so that's basically like we are focusing on automation more or less, today, because we already have this, functionality from Request Network.

[00:31:59] Sukesh: So we are just leveraging and expanding that to provide different use cases.

[00:32:04] Umar: Perfect. Thanks for sharing. Now I wanna go through AI and automation for crypto accounting. So with the explosion of new blockchains protocols, a lot of companies are launching their own blockchain. I saw recently Circle launch their own blockchain called Arc.

[00:32:20] Umar: So how might, how might AI agents transform the way onchain data is collected, reconciled, and verified, and what impact do you think it's gonna have on the workload of crypto accountants. Like right now with the subledgers, I mean the implementation takes a bit of time of, obviously it's gonna be a bit manual in the beginning, but once you've set the rules, then everything can be automated.

[00:32:42] Umar: But, yeah. How do you see Kryptos then playing a role in automating and using AI agents for crypto accounting?

[00:32:51] Sukesh: Yeah. I think that's a great question. So the first thing that we are, launching is the, easy accessibility to transactions. Like you should be able to search for anything with the, just like normal text.

[00:33:03] Sukesh: So, okay, show me all my transactions for the last three months, where Ethereum is involved. So then it'll automatically create a filter and show them to you, and then you give a command and say, okay, now go and map all these transactions as income. So it does that, for you automatically. So I think that's one thing.

[00:33:22] Sukesh: But also, as you saw before. Like all the steps that are required, for like closing the books. So we automated them using AI, so we identify which transaction needs to be flagged, as uncategorized or missing purchase history or potential integrations. Of course it's a bit of ruling rules-based engine behind the scenes, but also a bit of AI, as well.

[00:33:46] Sukesh: So also with our  Fyni.ai as a flagship agent now. So it's gonna start providing more insights, more value add to the customer. It's not just. Okay, you do your accounts, but okay, what next anyone can do, maybe automated rules can solve that issue. But to grow more beyond as an organization, you need to grow your treasury.

[00:34:07] Sukesh: You need to find more opportunities. And the only way you do that by leveraging AI to find these opportunities because no one has the time to go and spend and research on DeFiLlama and check which opportunities they can participate on. So, so that's where we really, differentiate. I think, and Fyni.ai was our flagship initiative to basically kind of like test things out and then bring those, things that you're working into Kryptos as well.

[00:34:35] Umar: Perfect. So for the listeners Sukesh is based in Sweden and beyond being the CEO at Kryptos, Sukesh is also the chairman of the Swedish Blockchain Association, which focuses on helping enterprises get started with blockchain.

[00:34:50] Umar: Now, from your perspective, Sukesh could you share how enterprise adoption of crypto is unfolding in Sweden and maybe what kinds of education or support have the association been providing to these companies?

[00:35:06] Sukesh: I mean, we started this like very early on, back in 2017. So with the mission of like educating people, educating organizations and providing them access to the network, essentially.

[00:35:18] Sukesh: So in Sweden it's still kind of slow adoption because of the regulatory burdens and challenges over here and access to the banking infrastructure is also quite challenging. So a lot of businesses go outside of Sweden to set up their shop essentially but, we see a slow progression, over here and we are just trying to do, organize more events, more educational sessions, talk with the regulators, share our feedbacks on different regulations, and trying to influence the, the decisions, as much as possible.

[00:35:51] Sukesh: So at the end of the day, like the more education we do, the more events we organize, I think, we hope that it, it leads to some positive momentum in Sweden and that's what, we're trying to achieve, with that.

[00:36:04] Umar: You're right. But yeah, everything starts with the clear regulation so people can feel comfortable adopting this technology.

[00:36:12] Umar: Now, Sukesh we've we are arriving at to the, towards the end of the episode. The title of the episode today was building an enterprise grade crypto accounting software.

[00:36:23] Umar: I wanna ask you as closing thoughts, and we were even very lucky that you provide us with a demo of Kryptos and all the different features.

[00:36:32] Umar: As closing thoughts maybe if there's something we didn't touch on, how would you like to summarize this episode for the listeners?

[00:36:39] Sukesh: I think we pretty much covered everything that, that there's about Kryptos, but, all I wanna say is like, yeah, if you are a business that's just getting started or have a lot of different operations and complex operations, across different chains, then Kryptos is a platform for you.

[00:36:57] Sukesh: So give us a try. We have a free trial so that everyone can check it out, and if you like it, you sign up with us. And we have the best support in the industry, today. At least that's what our customers say. And we have a lot of customers moving over from other subledgers. So, so give us a try and, reach out to us if you are interested and, we're more than happy to get on a call with you anytime.

[00:37:20] Umar: Perfect and to the crypto accountants, I always recommend actually trying different sub ledges out, not just, using one sub ledger and sticking to it. It's good as a crypto accountant to see different features like what the other subledgers are basically providing. Now there's a last question, which I usually ask to my guests before they leave, is, do you have a favorite quote or a maxim that you live by or you regularly repeat yourself?

[00:37:46] Sukesh: I really like this book, Start with Why and that's what I try to kind of like, think about everything, all the decision making and everything that we do, Start With Why, why we are doing it, what we are doing.

[00:38:00] Sukesh: So that's, that's how we lead by and that's how we run the organization today. Yeah.

[00:38:06] Umar: Perfect. Simon Sinek, it's a classic.

[00:38:09] Sukesh: Yes.

[00:38:09] Umar: If people want to reach out to you Sukesh, if they want to learn more about Kryptos Enterprise, could you share the website, even though I'm gonna be sharing it in the show notes? Or where should they reach out to you on socials?

[00:38:22] Sukesh: So the, you can check out, Kryptos, on LinkedIn. You can also go to kryptos.io. That's our website. And if you wanted to primarily check enterprise kryptos.io/enterprise, you can book a demo call directly from there with us. We also have a live chat support on our website, so just, ping us and we are available 24/7 to get on a call and help you out.

[00:38:44] Sukesh: Yeah, so feel free to reach out to us.

[00:38:48] Umar: Perfect. Well, thanks a lot for your time today. It was great to have you and thanks for providing the demo and we'll be in touch.