Vienna, Austria, 3rd May 2023, ZEX PR WIRE, The crypto industry has become more than just a risky investment. It’s also about predicting market trends, chasing the next big opportunity, and managing your portfolio. However, there is one critical component to it: the administration of crypto transactions and determination of the net asset value (NAV) of a professional crypto portfolio. As the crypto industry has evolved, more and more investors and institutions have emerged that require reporting their transactions and providing insights about their holdings, both for regulatory purposes and self-interest.
However, there is still no suitable solution available on the market that covers all the necessary steps tailored to the needs of corporates. That is an issue that will become more severe as more and more new crypto funds are emerging and those that already exist are becoming more complex in fact of decentralized finance and web3.
Michael Schoengruber, the founder of the fintech company 3Folio is developing a software as a service solution especially designed for crypto hedge fund managers that allows them to seamlessly integrate all administrative aspects of their fund’s investment strategy into one place – from monitoring to reporting – so that fund managers can focus on what matters most: managing and growing their client’s wealth!
Schoengruber identified a market gap that exists because traditional fund management platforms are yet not able to fully track or manage digital assets like cryptocurrencies or crypto cash flow strategies like staking or liquidity mining. There are a few options, but all of them require multiple tools and platforms. With 3Folio, those times are in the past. The young fintech based in Linz and Vienna, Austria, follows the mission to revolutionize the way crypto funds are able to manage and track their assets without exploding costs. Therefore, 3Folio is able to make the life of crypto hedge fund managers all over the world much easier.
Especially when it comes to the determination of a daily net asset value (NAV), 3Folio finally provides a smooth process. The solution also makes it easy to automatically record a transaction book for more than 30 blockchains, including the ability to manage multiple exchanges and fiat accounts in one place.
The company has already signed up Austria’s first crypto fund as a client and is a great use case for accountants and tax advisors who have to report crypto taxes and often have little experience with the topic. Together with his team, it was a crucial mission for Michael Schoengruber to develop a product that also fits the needs of classic hedge funds that already have or plan to have crypto assets in their portfolio.
“We wanted to marry the old economy with crypto and make it suitable for mainstream use,” Schoengruber says. “Our solution is particularly attractive to businesses and funds in the early stages of their crypto journey.
Schoengruber follows an ambitious growth plan, aiming to establish 3Folio as a relevant global player for crypto asset tracking and accounting solutions within the next few years. 3Folio has already received a strategic investment from crypto tax solution provider Blockpit AG and is now launching their open beta version for early adopters. The first International customers are about to be onboarded soon, which is a result of a profound network of connections to large hedge funds, private banks, VCs and corporations that are active in the crypto area.
In conclusion, the crypto industry is not just about chasing the next big opportunity. It’s also about providing solutions that help investors manage their portfolios and protect their assets. As cryptocurrencies become more prevalent and continue to gain mainstream adoption, the need for solutions like 3Folio’s will continue to rise. As the industry continues to grow, the need for solutions like 3Folio will become even more critical, and 3Folio is poised to be at the forefront of this revolution.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Economics journalist was involved in the writing and production of this article.