A Glimpse at the Potential of AI for Crypto Accounting


Artificial Intelligence (AI) continues to drive transformative changes across various sectors and industries worldwide. From healthcare to transportation, finance to customer service, the widespread integration of AI technologies is improving efficiency, accuracy, and user experiences. In the context of crypto accounting, AI represents a wealth of untapped potential.

To fully appreciate how AI could revolutionize crypto accounting, let’s first consider the current landscape of these two intertwining markets: AI and accounting.

The AI Market: An Overview

As of 2021, the global AI market size was valued at approximately USD 62.35 billion and is projected to reach USD 997.77 billion by 2028, according to Fortune Business Insights. The adoption of cloud-based applications and services, the rise of advanced and predictive analytics, and increased data-driven decision-making are a few factors contributing to the market’s expansion.

AI’s proliferation across sectors stems from its ability to automate complex tasks, enhance productivity, and generate insightful predictive analytics. These capabilities are particularly valuable in industries that manage large volumes of data, including finance and accounting.

The Accounting Market: A Snapshot

The global accounting market, valued at USD 582.44 billion in 2018, is projected to reach USD 1601.83 billion by 2026, according to Allied Market Research. This growth can be attributed to increasing business operations, demand for advanced auditing and reporting capabilities, and the need for efficient financial transaction processing.

As the accounting market grows, so does the complexity of financial operations, especially in industries like crypto where transactions often span multiple blockchains, each with its own unique infrastructure. This complexity highlights the need for advanced solutions like AI to streamline processes and improve accuracy.

Potential Applications of AI in Crypto Accounting

Given the current trajectory of these markets, let’s delve into how AI could hypothetically revolutionize crypto accounting in the future.

Intelligent Classification: Making Sense of Complex Transactions

Crypto transactions often involve complex smart contracts with multiple moving parts. For instance, consider a user swapping Ether (ETH) for DAI in a Decentralized Exchange (DEX) like Uniswap. This single transaction includes an ETH transfer, a liquidity pool interaction, and a DAI receipt.

In a future with AI integration, an algorithm could be trained to automatically recognize and classify each component of this transaction. It could identify that ETH was swapped for DAI using Uniswap, breaking down the process into intelligible data points. This level of automatic classification could dramatically reduce the time spent on manual transaction categorization, enhancing productivity and accuracy.

Risk Management: Spotting Red Flags Before They Wreak Havoc

Interacting with smart contracts comes with a certain level of risk, given the burgeoning field’s growing pains. Let’s consider a user transacting with a new DeFi protocol. Unknown to the user, this protocol may have a history of vulnerabilities or even fraudulent activities.

A hypothetical AI integration in the crypto accounting software could monitor a database of risky contracts and flag the user’s interaction with this protocol. The user could be notified via an alert, potentially saving them from a costly mistake. This proactive risk management could significantly improve the security of financial interactions in the crypto space.

Asset Strategy: Tailoring to Specific Business Needs

Different businesses have varying risk tolerance levels, reflected in their crypto asset mix. Some may hold primarily stablecoins to mitigate volatility, while others may venture into more volatile assets like BTC and ETH for higher potential returns.

Imagine an AI that, after analyzing a business’s transaction history and asset performance, suggests an optimal asset mix. For example, it might recommend a certain business to maintain a 60:40 ratio of stablecoins to volatile assets based on its risk tolerance and market trends. Then, it could automatically alert the finance team if the asset mix becomes unbalanced.

This level of personalized, data-driven advice could be invaluable in helping businesses navigate the unpredictable crypto market.

Navigating Regulatory Compliance: Staying Updated with Minimal Effort

Crypto regulations are a constantly moving target, with new guidelines and enforcement actions frequently rolled out by bodies like the IRS, SEC, and FASB. Not to mention news about particular tokens, protocols, or service providers a business may be using.  For a busy finance team, staying on top of these updates can be time-consuming.

In a future where AI is integrated into crypto accounting software, it could automatically monitor relevant regulatory bodies and flag critical updates. For instance, if the IRS introduced a new reporting requirement for crypto transactions, the AI could notify users of this update and potentially even adapt the software’s reporting features to comply with the new requirement.

The Future is Bright for AI in Crypto Accounting

At Gilded we’re always looking ahead, striving to harness the power of cutting-edge technologies that could revolutionize crypto accounting. We are deeply committed to our mission: to onboard the next million businesses to web3 with streamlined, efficient, and powerful crypto accounting solutions. The crypto industry is never static, and neither are we. Stay tuned for the future of crypto accounting with Gilded!

A Universal Connection of Accounting to Crypto


Everything Everywhere All at Once.

Great movie!

Academy award winner, Best Picture, wow!

And it looks alot like the biggest problem in crypto accounting.

In the movie, the hero, Evelyn, dealing with an evil IRS audit, goes on an epic quest to connect to a parallel version of herself to prevent a powerful being from destroying the multiverse.

Sound familiar?

Connecting the Crypto Universe with the Accounting Universe.

It’s hard!

That’s our biggest problem.

Connecting crypto everything, everywhere, all at once to accounting reporting.

Accounting is old, and established, and neat, and orderly, and has proven practices for financial reporting, and it has this powerful being called the IRS.

Crypto is new, and moving, and can be hectic, and disorderly, and has new practices.

And…Crypto also has a powerful being, the IRS.

Your problem is getting all the activity and action and transactions and assets from the Crypto Universe over to the Accounting Universe.

And getting it over quickly, accurately and in the right categories with a proper transaction trail and information.

In the Crypto Universe you have wallets and exchanges and crypto payments and crypto invoices and crypto asset valuations that are nowhere to be seen in the Accounting Universe.

In the Accounting Universe, you need to record financials in a way that is established, neat and orderly with proven practices and keep compliant with the IRS.

And, accountants, like us, don’t want to spend all day/week entering and reconciling.

So, we created the Universal General Ledger feature.

When you use the Universal General Ledger (“UGL”) feature from Gilded, you’ll bridge the Crypto Universe to the Accounting Universe by directly mapping transaction information from the Crypto Universe in Gilded, into the Accounting Software you use.

And you’ll bridge the two universes fast, neat, and orderly with proven practices for financial reporting, and be able to answer any questions that powerful being, called the IRS, can ask.

UGL works with any accounting software that allows you to do a CSV import into your general ledger.

Or UGL can be used to summarize large numbers of transactions into a single journal entry.

A Universal Connection of Accounting to Crypto

UGL Works With:

QuickBooks? Yes.

NetSuite? Yes.

Xero? Yes.

The rest?

Sage, FreshBooks, Zoho Books, ZarMoney, Blackbaud, Plutoport, Wave Financial?

All of them?


Process of UGL:

So, how does it work?

1)    Initially, you set up your specific General Ledger accounts in your accounting software. You probably already have all of your General Ledger accounts set up.

2)    You then import your GL chart of accounts into Gilded.

3)    Within Gilded, you classify your individual transactions or types of transactions so that they align with the imported General Ledger accounts.

4)    You export the CSV of journal entries aligned with your General Ledger accounts, from Gilded.

5)    Then you import the CSV file into your Accounting Software’s General Ledger.

6)    Done!

What types of info?:

You can classify your transactions within Gilded and import them into your General Ledger with any of the following categories:

Account #

Account Name



Wallet Name

Wallet Address

Transaction Hash

Base Currency


Create Date

Last Update

Transaction Detail Memo

Counter parties


You deserve a smooth, time saving, transaction detailed trackable system to import data to your accounting system.

You’ll get faster, more accurate and well documented financials using our Universal General Ledger export.

And be prepared from any questions which come your way from your CPA, or that powerful being, the IRS.

A Universal Connection of Accounting to Crypto

The Benefits of Using Crypto Accounting Software


As the world moves towards digital currencies, the need for efficient and accurate accounting tools has become a high priority.

Crypto accounting software offers businesses and individuals a way to manage and track their cryptocurrency transactions with ease.

In this article, we will explore the various benefits associated with using crypto accounting software, including streamlining your crypto transactions, enhancing security and privacy, and promoting cost savings and efficiency.

Understanding Crypto Accounting Software

Crypto accounting software is a specialized solution designed to help businesses manage their cryptocurrency transactions.

Crypto accounting software differs from traditional accounting software in that it is specifically created for tracking, analyzing, and reporting on crypto-related financial transactions.

What is Crypto Accounting Software?

Crypto accounting software is a tool that enables businesses to manage their digital assets more effectively.

Crypto accounting software automates the tracking, recording, and reporting of cryptocurrency transactions, helping finance teams to better understand their financial position and make more informed decisions relating to their digital assets.

Crypto accounting software (like Gilded) integrates with various blockchain platforms, crypto wallets, and exchanges to provide comprehensive data and insights into a business’s crypto portfolios.

One of the key benefits of using crypto accounting software is that it can help finance and accounting teams save time and reduce errors associated with manual data entry.

By automatically collecting transaction data from various sources, the software can provide users with a more accurate view of their cryptocurrency holdings and performance.

Another advantage of using crypto accounting software is that it can help users stay compliant with tax regulations.

Crypto accounting software can generate detailed reports that can be used to calculate capital gains and losses, simplifying the tax reporting process for users.

Gilded also has a report which allows you to go back in time and value your crypto assets at a specific day, week, month, quarter or year period.

How Does Crypto Accounting Software Work?

Crypto accounting software works by connecting to users’ crypto wallets, blockchain platforms, and exchanges to collect transaction data.

The wallet and exchange info are then organized and analyzed by the software, providing users with a consolidated view of their cryptocurrency holdings, gains, and losses.

Advanced Features:

Some crypto accounting software, like Gilded, also offers advanced features, such as real-time portfolio tracking and analysis, customizable dashboards, and NFT and DeFi reporting.

Crypto accounting software is an essential tool for any business with crypto on its balance sheet.

By automating tedious tasks and providing valuable insights, crypto accounting software can help users save time, reduce errors, and make better financial decisions.

Integration to QuickBooks:

Integrated to QuickBooks, for most companies, is a huge win when using crypto accounting software.

Not only does the crypto accounting software simplify your crypto transactions, but, when properly integrated to QuickBooks, allows a one-click method to integrate and update data within QuickBooks GL accounts, cutting time needs and mistake risks dramatically.

Details on Streamlining Crypto Transactions

One of the key benefits of using crypto accounting software is its ability to streamline the management of digital assets.

Automation not only allows users to save time but also helps them stay organized and avoid potential issues.

Time Savings – Automated Tracking and Recording

Manually tracking and recording cryptocurrency transactions can be time-consuming and error prone.

Crypto accounting software automates this process, ensuring that all transactions are accurately captured and updated in real-time.

This eliminates the need for manual entry and reduces the risk of errors occurring.

Additionally, crypto accounting software can help users keep track of their digital assets across multiple wallets and exchanges.

This makes it easier to manage a diverse portfolio and avoid missing out on potential gains.

Time Savings – Real-Time Data and Analytics

Crypto accounting software provides users with real-time data and analytics about their digital assets.

Real time data allows for faster decision-making and enables users to react more quickly to market changes.

This level of insight into the digital financial landscape is essential for maximizing profits and minimizing risks and allows you to quickly realize trends or gaps and react accordingly.

For example, users can track the performance of their investments over time, analyze market trends, and identify potential investment opportunities.

This can help users make informed decisions about when to buy or sell their digital assets.

Simplified Tax Reporting

Cryptocurrency investments can create complicated tax situations for both individuals and businesses.

Crypto accounting software simplifies this process by generating detailed reports on users’ gains, losses, and other tax-related information, making it easier to accurately report taxes and stay compliant with regulations.

By automating the tracking and recording of transactions, crypto accounting software can also help users keep track of their tax liabilities in real-time.

Real-time tracking of gains and losses can help users avoid surprises come tax season and ensure that they are always in compliance with tax laws and regulations.

Plus, users can make strategic decisions for tax purposes on crypto swaps and/or tax loss harvesting heading into the new year.

In conclusion, crypto accounting software is a valuable tool for anyone looking to manage their digital assets more efficiently.

By automating the tracking and recording of transactions, providing real-time data and analytics, and simplifying tax reporting, crypto accounting software can help users save time, stay organized, and maximize their profits.

Enhanced Security and Privacy

In addition to streamlining transactions, crypto accounting software also offers enhanced security and privacy features.

Security components are vital in the world of digital currencies, where hacks and thefts are, unfortunately, not uncommon.

With the rise of digital currencies, security has become a major concern for users.

Crypto accounting software addresses this concern by offering secure storage of financial data.

This is achieved through the use of encryption and secure storage methods.

These measures ensure that sensitive information is kept safe from unauthorized access and potential breaches or hacks.

Protection against fraud and hacking is also a top priority for crypto accounting software.

Gilded, has Soc II security compliance to minimize security risks for end-users.

Another critical feature is the use of advanced encryption techniques, which ensure that sensitive information is kept safe from unauthorized access.

Crypto accounting software stores financial data in secure locations, which are protected by multiple layers of security.

Cost Savings and Efficiency

By automating and streamlining the management of digital assets, users can save both time and money, allowing them to focus on other aspects of their business or investments.

Reduced Manual Labor and Errors

By automating the tracking and recording of cryptocurrency transactions, crypto accounting software minimizes the need for manual data entry.

This reduces labor costs, while also minimizing the risk of errors that can occur due to human error.  Fat thumbing an entry is greatly reduced.

Improved Financial Decision-Making

With comprehensive data and analytics provided by crypto accounting software, users can make more informed financial decisions.

This can help users optimize their digital asset portfolios, maximize profits, and minimize risks.

In conclusion, using crypto accounting software offers significant benefits to businesses that transact with digital currencies.

By streamlining transactions, enhancing security and privacy, and promoting cost savings and efficiency, these tools are becoming an essential part of managing digital assets.

Business Banking for Crypto Companies


The sky is beginning to clear a little.

This from the Wall Street Journal, March 27, 2023:

A few weeks ago, crypto circles were abuzz with talk that Washington was plotting to kill crypto by cutting off its access to the banking system in what some commentators dubbed “Operation Choke Point 2.0.”

Those fears have now somewhat abated, as banks have stepped up to fill the vacuum created after Silvergate shut down and Signature was placed in receivership with the Federal Deposit Insurance Corp. earlier this month.

“There are dozens of other banks, both onshore and offshore, that are taking advantage of this opportunity,” said Rich Rosenblum, co-founder and president of crypto trading firm GSR.

True enough, but it can still be a rather challenging gauntlet to run in finding a bank, setting up an account and getting comfortable with your banking provider.

Hundreds of businesses lost their crypto business banking accounts with the implosions of Signature, Silvergate and Silicon Valley Bank (SVB).  

SVB banked a large number of SaaS companies who now feel a little less than sanguine about banking with the FDIC-operated bank.

Below is a list of banks, domestic and near-shore, that we currently believe are providing banking services to companies engaged in the crypto industry.


There are three categories of crypto companies needing banking.

  1. Low Risk: Companies engaged in the crypto industry which provide services to other companies in the industry, and generally deal in fiat currencies for revenue and expenses.  They may occasionally accept a crypto payment into a wallet, but quickly convert their coins into fiat and deposit into a bank.   Example: SaaS companies.
  2. Medium Risk (perceived): Companies engaged in the crypto Industry which provide services to other companies in the industry, and deal in fiat currencies for revenue and expenses, or accept crypto payments and make crypto payments.  Example: Miners.
  3. High Risk: Companies which handle the crypto accounts of others, hold inventories of crypto assets, make and receive payments in crypto, and make a market in coins, or have issued their own coins.  Example: Wallets, exchanges, or protocols.

For purposes of this article, we will only be dealing with banks which deal with companies in the low and medium risk categories.  

High Risk wallet and exchange banking requires a level of banking sophistication that is rarely needed by typical crypto companies.  

It’s been our experience that wallets and exchanges already have some, if not many, banks that they rely on in multiple countries.

We denote “perceived” Medium Risk because if a banking customer only interacts with the bank in fiat currencies, we struggle to see what the potential risk for the bank is.  

The exception being potential regulatory actions at some point in the future which might paint all crypto companies with a wide brush and cause compliance issues with a bank.

In the list below, one thing to consider is whether you want to consider using a national bank, super regional (covering several states) or regional bank.

Using a national bank, once you have matriculated their risk review process, gives you the opportunity to remain rather small relative to the myriad other accounts they have.

But a national bank (truthfully, any bank) may decide that it needs to exit from crypto for reasons that have nothing to do with your specific account or niche.

You could wake up one morning to a wholesale exit from any business associated with crypto.

Which merits the discussion of "Should I have two active banking accounts?"

Unfortunately, despite the inconvenience, it may be a prudent choice.


National Banks: As of 3/28/2023, these banks continue to bank the Low and Medium risk categories are:

Domestic Super Regional and Regional Banks: As of 3/28/2023), these banks are banking Low and (varies) Medium risk crypto companies:

Near-Shore Banks: As of 3/28/2023, these banks are banking Low and Medium risk crypto companies:

This list is not meant to be exhaustive.

If you know of additional banks (or you are a bank!) that is/are providing banking services for crypto businesses, send us a quick note at gil.h@gilded.finance and we will be happy to add them to this list.

We’re all in this together.

Good luck and happy bank hunting(?).

Gil Hildebrand
Gilded Inc.