The rise of bitcoin along with other cryptocurrencies represents a watershed moment for the world of digital innovation.
But the growth in the market capitalization and complexity of these assets has spawned the need for an “assurance service” that provides auditing, verification, monitoring and reporting around them.
Verady, LLC, a company with a stellar track record in delivering these services to the Bitcoin market for several years, is now extending and launching a public-facing network platform to fill this growing need across all blockchain asset classes.
Established in October 2016 as a startup company based in Atlanta, Georgia, Verady’s strategic path was paved by way of discussions and research from the blockchain regulatory software company Coinpliance and its clients.
Coinpliance was founded in 2013 and successfully serviced the Bitcoin marketplace until the sale of its processing service to a major client. The founders of Coinpliance later combined their experience and assets to form Verady.
Verady’s two co-founders, Kell Canty and Nathan Eppinger, are both computer science graduates from Georgia Tech. Their combination of common backgrounds with differing experience levels and perspectives have led to a unique profile for the company.
“I’m a technologist by heart and have a computer science degree from the Georgia Institute of Technology,” said Canty. “I’ve co-founded multiple fintech startups, including a market-leading real-time credit and risk assessment company that was acquired into Fair Isaac Corporation.”
Canty initially became aware of Bitcoin through his interest in payments and computer science in 2012. Later, he became intrigued by the concept for a Bitcoin regulatory software company. This led to the founding of Coinpliance in 2013. Later, he and Eppinger reconnected to establish Verady for the purpose of addressing the world of blockchain asset assurance.
As CEO of Verady, Canty leads product direction and business development efforts, while Eppinger serves as the CTO.
When asked what emerging trends are currently informing the strategic direction Verady, Canty indicated the following:
·The amazing rate of growth in terms of both the value and diversity of blockchain-based cryptocurrencies and tokenized assets
·The lack of tools and services to address traditional industry standards regarding accounting, auditing and verification of blockchain assets
·Gaps from a regulatory standpoint, particularly in the area of taxation
·The “blind spot” that traditional financial services, particularly credit/loan offerings, have for the value of blockchain asset balances and cash flow held by individuals and companies
One of Verady’s core beliefs is that traditional accounting systems, firms and standards currently lack the functionality regarding new innovations of cryptocurrencies and other blockchain assets.
Blockchain’s value as a public transaction ledger makes it ideal in terms of serving as the basis for independent verification. Verady, however, asserts that a gap exists in terms of the blockchain not holding the information in a form that accountants, auditors and other financial professionals can access, understand or use.
Verady’s blockchain asset assurance network, known as “VeraNet,” is poised to address this. By assuring these assets, the VeraNet will provide the bridge between blockchain-based crypto-assets and the traditional financial ecosystem. This bridge is designed to manage the complexities of blockchain technology in order to deliver concrete, standardized reports and data that is usable by traditional financial institutions.
“Verady’s long-term vision is that of being the globally recognized leader in the area of blockchain asset assurance,” said Canty. “Audit, verification and reporting on these assets can serve to help them be further adopted on a worldwide basis. Combined with blockchain-based identity, the enablement of credit underwriting based on cryptocurrencies could greatly aid in financial inclusion, particularly for many living in underdeveloped countries across the globe.”
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