Accounting Treatment of Virtual Assets... Automation of Manual Tasks
Also Tokenomics and Project Performance Analysis
A customized enterprise resource planning (ERP) integrated solution for Web3 operators, including virtual assets, has been developed.
Onchain data infrastructure provider Znagle announced on the 22nd the official launch of 'Znagle ERP' for Web3 operators. This comes just four months after operating a beta service in December last year.
Znagle ERP is an ERP solution capable of virtual asset accounting, token engineering, and Web3 project performance analysis. Its main features include △ Web3 Finance, which assists with virtual asset accounting △ Tokenomics, which manages the virtual asset ecosystem and reduces compliance risks △ Performance Analytics, which tracks performance and enables business strategy planning based on onchain data.
Since the free beta version was released in December, 68 organizations have applied. The company explained that inquiries have been steadily coming in not only from Japan and Hong Kong but also from Europe, despite no overseas marketing efforts.
Industry insiders are focusing on the Web3 Finance feature, which can speed up virtual asset accounting. Until now, virtual asset accountants manually reviewed transaction histories and labeled accounting accounts. Using Znagle ERP can reduce accounting processing time by up to 80%. It pulls onchain data to allow users to view and manage total assets and transaction histories at a glance, and automation of accounting processes reduces repetitive tasks and human errors caused by mistakes. Interest in the Web3 Finance feature has increased as the Financial Services Commission’s 'Virtual Asset Accounting Guidelines' issued last year have been applied starting this year.
The Tokenomics feature, which helps manage token issuance and circulation, is attracting attention mainly from foundations issuing and holding tokens and Web3 communities. Znagle’s Tokenomics part is an upgraded version of the existing product Live Watch. The dashboard has been refined and multi-chain circulation support has been added. Since the 'Virtual Asset User Protection Act,' scheduled to be enacted in July this year, included a supplementary opinion in the National Assembly to establish unified standards for virtual asset circulation and issuance, inquiries from companies aiming to prepare for compliance risks have been increasing.
Since its establishment in 2018, Znagle has been striving for the popularization of Web3. It developed the first virtual asset disclosure evaluation model in Korea to resolve information asymmetry and operated the global virtual asset information platform 'Znagle Portal.' When issues regarding virtual asset circulation arose, it introduced the onchain data-based real-time circulation monitoring solution 'Live Watch.'
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