Cryptocurrency accountancy specialist Harris and Trotter Digital Assets today said it raised $10 million in a fresh funding round that values the London-based firm at $85 million.
Led by Orbs, the latest financing included contributions from Kingsway Capital, RE7 Capital, and reputable figures from the Web3 community.
Harris and Trotter has deep ties within the cryptocurrency industry and it works with high-profile clients like 1inch, Wintermute, and Blockchain.com. The company offers a full suite of professional services, including audit, advisory, accounting, bookkeeping, compliance, and taxation. Its expertise also extends to helping “shape regulatory frameworks and collaboration” on a global scale, with memberships in organizations like BKR and Web3CFO.
“This strategic investment aligns us with some of the largest movers and shakers in this industry, which allows us to grow our technological arm further as we release our growing suite of SAAS products and services,” CEO Nicholas Newman stated.
Ran Hammer, VP of Business Development at Orbs, added: “Harris and Trotter Digital Assets continue to combine their expertise with blockchain-powered technology. The team now looks to operate on the cutting edge of financial technology, delivering tools such as proof of reserves. This is particularly interesting as it’s where Orbs’ technology could be leveraged to ensure all data is trustworthy, accurate, and verifiable.”
The funding will allow Harris and Trotter Digital Assets to broaden its technology services and improve its SAAS products. Currently serving around 500 crypto-native clients, the firm expects the capital injection to help sharpen its market edge and increase revenue.
Harris & Trotter Digital Asset’s Proof of Reserve service is powered by Chainlink to ensure transparency in clients’ on-chain and off-chain reserves. The company joins the growing ranks of professional firms working with crypto asset providers as global regulators require them to provide detailed crypto disclosures in their financial statements.
The global regulatory landscape for the crypto sector is tightening, leading to the creation of complex legal frameworks that govern the operations of entities like exchanges, investment firms, brokers, banks, and other financial players, particularly in Europe.