This is a sponsored article provided by Verady.
Decentralized cloud storage platform Storj Labs is one of the most exciting projects in the blockchain-based technology space. Embodying many of the best qualities of decentralized and new cryptocurrency technologies — including peer-to-peer functionality, open-source development, encryption and blockchain-powered payments — it is designed to make a core function of our digital world faster, cheaper and more secure.
But when any cutting-edge project gets to a certain size, it will invariably need to leverage the tools provided by its peers. Following a token sale in 2017, Storj’s financial complexity changed dramatically and this, in essence, is how Storj came to find Verady and its Ledgible system for crypto-based accounting and reconciliation.
“We were working on version two of the platform, it was live and we were doing something on the order of magnitude of 100,000 micropayments a month,” explained Matthew May, Storj’s CFO. “Generally, we are always trying to have the best practices for how things were being tracked and managed, but it was challenging to have a single source of truth for what the company’s total crypto holdings and activities were looking like in real time.”
Verady’s offering stood out for its on-chain transactions focus when May conducted a comprehensive search of the platforms available to help Storj Labs accurately track and manage its accounting. After evaluating various industry solutions, Verady’s Ledgible was a good fit for the needs of the company. The platform’s ease of use and integrations with outside accounting platforms proved critical for Storj, and the company soon realized significant cost savings in tracking Ethereum’s gas payments alone. It also became a leader in cryptocurrency governance and compliance using the tools from Verady.
“Storj strives to be an example for corporate governance and how to do things the right way in this new world,” May…