Crypto Accounting and Tax Reporting Platform TRES Raises $11M to Add New Blockchains

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,” according to an emailed announcement on Wednesday.

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 & accurate picture across all of their Web3 financial activity,” co-founder and CEO Tal Zackon said in the statement.

“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.