Benzinga - Crypto asset accounting and financial data reporting platform TRES on Wednesday announced that it has raised $11 million in Series A funding, bringing its total funding to $18.6 million.
This investment comes as TRES reports significant growth, with over 100 customers and $19 billion in managed assets since its launch.
Speaking with Benzinga, Tal Zackon, Co-Founder and CEO of TRES said the company plans to use the new funds to expand its network integrations, along with rapidly adding traditional finance integrations and enhancing the TRES Link bank integrations introduced earlier this year.
TRES also aims to enhance its bank integrations through TRES Link and add traditional finance integrations.
"We will maintain our momentum in integrating 2-3 new network integrations, focusing on both blockchains and CeFi platforms, while ensuring accuracy and supporting continuous scale," Tal said.
In a press release shared with Benzinga, the company stated that it has seen a 325% average quarter-on-quarter revenue growth since its inception.
Its platform is used by companies like Alchemy for managing operations in liquid staking protocols and smart contracts.
TRES allows tracking across DeFi applications and major CeFi exchanges, offering a unified solution for Web3 financial activity monitoring.
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Tal further said that in response to the evolving regulatory landscape in crypto, TRES is updating its reporting module to align with the latest FASB guidelines on the fair value measurement of crypto assets.
This update is intended to help customers comply with new standards.
With the crypto market witnessing significant institutional inflows and the rise of tokenized assets, the demand for financial reporting and compliance solutions in the crypto space is increasing.
TRES, with its SOC 1 Type 2 and SOC 2 Type 2 compliance, is integrating 60 networks in 2023 to keep pace with Web3 growth.
TRES's expansion plans include simplifying the onboarding process for CFOs and their teams, aiming to make digital asset operations more accessible than traditional finance.
The company is headquartered in Tel Aviv, with offices in London and New York.
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