Tactic, a platform that simplifies bitcoin accounting for businesses, received $11 million in new funding today, in addition to the $2.6 million revealed in May.
FTX Ventures led the round, participated with Lux Capital, Exponent Founders Capital, Definition Capital, Coinbase Ventures, and insiders Founders Fund, Ramp, Dylan Field, Elad Gil, and Sabrina Hahn.
The funds will be used to hire engineers and to expand the platform to enable new blockchains and financial procedures.
Tactic is an accounting solution for any cryptocurrency-related firm. One of the distinguishing characteristics of blockchains is that they keep a permanent record of all activity; however, companies that transact on-chain quickly discover that these transactions are incompatible with their existing financial infrastructure, and they end up spending significant time each month manually reconciling transactions.
Companies who use Tactic connect their digital wallets, and the platform displays the information in an accounting-ready format that syncs with general ledger software like QuickBooks.
Tactic is collaborating with other best-in-class crypto back office providers, including startup insurance provider Vouch, which raised $90 million in new funding last fall.