E-Crypto News talks to Kell Canty Verady’s CEO About the Blockchain Space

The blockchain space has been making steady progress. so much so that blockchain innovations now litter the tech space.

E-Crypto News reached out to Kell Canty, CEO of Verady about this. Varady’s Legible was the recent gold winner in Blockchain in Banking Innovation at the Future Digital Awards for Fintech and Payments.  here is what he had to say.

E-Crypto News talks to Kell Canty Verady’s CEO About the Blockchain Space 1

Kell Canty, CEO Verady

E-Crypto News:

1. Congratulations on your Juniper awards win! What do you think is Verady’s single most important contribution to blockchain and banking?

Verady was founded specifically to help companies in the cryptocurrency and blockchain space. Accuracy and quality of data is a priority for the company so it can offer a solution that meets high standards and integrity.

This gives clients seeking traditional financial verification, reporting and assurance the tools they need to work with cryptocurrency. Our Ledgible Platform pioneers blockchain asset financial reporting including “Bank Statements for Blockchain”.

E-Crypto News:

2. Do you think the banking community is ready for blockchain and if the blockchain community is ready for banking?

Yes, definitely. I also think the government and regulators agree. The OCC just allowed federal banks to provide customers with blockchain asset services and the state of Wyoming just chartered the first Blockchain/Crypto Bank!

E-Crypto News:

3. What are your thoughts on regulation when it comes to distributed ledger technologies?

I am glad to see regulatory clarity happening even as we speak to provide the foundation for more explosive growth in the industry.

The cryptoasset ecosystem of companies, investors, and accounting firms who now have to answer ‘Yes’ to the IRS 1040 form question around Virtual Currency require a tax and financial reporting platform designed for the blockchain and cryptocurrency.

Traditional financial reporting and tax packages do not support cryptoassets and cannot accurately account for all cryptocurrency transactions.

E-Crypto News:

4. Are there any plans to extend Legible beyond its current capabilities?

Yes, we are always looking at new coins, exchanges, wallets and cryptoassets as well as providing features to make it easy for institutions, accounting firms, and investors to accurately and easily account for their cryptoassets.

As an innovator and leader in this space, we have many great new capabilities on our roadmap, stay tuned!

E-Crypto News:

5. Just how extensive are Legible’s capabilities right now?

Ledgible is being used both in the USA and internationally to provide bank level financial reporting in many different areas including financial statements and tax.

Through Ledgible customers have access to a AICPA SOC assured portfolio tracking and reporting of cryptocurrency activity for specific solutions for Tax, Accounting and Confirmation.

We believe traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. Legible currently integrates with all major accounting platforms. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting.

E-Crypto News:

6. Why do you think enterprise blockchains fail?

Some efforts have been premature, and the market was just not ready. Frankly, though blockchains are tremendous at what they are designed to do and unfortunately some projects have tried to use them when they are not suitable or needed. Timing can also play a part.

E-Crypto News:

7. Do you think enterprise blockchains are the future? Please give us reasons for your answer.

I think they play a very important part in the future and will continue to coexist with public blockchains. I would reference Italy having over 100 banks on an enterprise blockchain for their banking system and IBM’s food trust in production use by Walmart and others.

I do believe that there will be connections between public and enterprise much like intranets and the internet evolved.

E-Crypto News:

8. In which direction do you think the blockchain space is going? What contributions can Verady make in this regard?

Blockchain is making fundamental changes in the areas of financial assets, payments and services as well as in the supply chain. As a new paradigm and technology, the needs to bridge the gap between current assurance, reporting and other critical needs is very high.

Unlike wages and financial transactions, there is no equivalent cryptocurrency “bank statement” to reconcile cryptocurrency balances and transactions. As a result, the gains and losses to report have to be figured out. Verady is here to help and this is where Ledgible can make a difference.

E-Crypto News:

9. Why do you think the mass adoption of blockchain technology hasn’t occurred yet? In your opinion, what solutions would you suggest that will enable the mass adoption of blockchain technology?

I think it’s simply a question of time. It’s a disruptive technology and regulations have not been clear until very recently. Large Impact technologies do not happen overnight particularly when they are dependent on legislative and regulatory oversight.

Also it has barely been a decade since the very first use of blockchain for bitcoin. The internet took a long time to reach critical mass for adoption as well.

E-Crypto News:

10. If you had a crystal ball and the ability to see into the future, where do you see Verady in ten year’s time?

I see Verady and our Ledgible platform playing an essential and perhaps even behind the scenes/embedded role in the blockchain ecosystem to provide transparency in assurance, reporting and bridging to traditional centralized systems and organizations in a way they understand.

About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin20,762 0.07 % 3.08 % 1.20 %
Ethereum1,186.9 0.04 % 3.69 % 5.43 %
Tether1.001 0.11 % 0.07 % 0.03 %
USD Coin1.001 0.03 % 0.00 % 0.20 %
BNB234.03 0.58 % 2.65 % 8.97 %
Binance USD1.003 0.12 % 0.05 % 0.09 %
XRP0.3536 0.09 % 3.97 % 8.58 %
Cardano0.4905 0.42 % 4.09 % 1.39 %
Solana38.47 0.60 % 5.80 % 12.51 %
Dogecoin0.07116 1.47 % 4.31 % 17.51 %

Bitcoin (BTC) $ 20,791.00
Ethereum (ETH) $ 1,188.80
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 233.95
Binance USD (BUSD) $ 1.00
XRP (XRP) $ 0.354106
Cardano (ADA) $ 0.493031
Solana (SOL) $ 38.78
Dogecoin (DOGE) $ 0.072075