Tampa, January 29, 2023 /PRNewswire/ --
BlockSpaces, a Bitcoin-native post-trade collateral management and risk mitigation platform, today announced the availability of its Bitcoin and Lightning Fusion product in the QuickBooks marketplace and their acceptance as a Sage Intacct Partner. The product represents the first direct integration of the Lightning Network, a Bitcoin Layer 2 protocol, with QuickBooks, enabling Bitcoin-centric companies that process transactions on the Lightning Network to automatically and precisely capture transaction data within existing ERP and accounting systems. In addition to this milestone, the company revealed its newly established partnership with Sage Intacct, a cloud-based accounting solution catering to medium-sized businesses. This collaboration opens the door for BlockSpaces availablity in the Sage Intacct marketplace by Q2 2024. These integrations represent the latest feature additions to complement the company’s development of a novel mechanism utilizing the Lightning protocol, called ARC (Auto Reconciled Collateral) as a settlement layer to enhance security and efficiency in the Debt Capital Markets, specifically in the Over-The-Counter (OTC) derivatives and collateralized lending markets. The company’s native integrations with existing front-and back-office systems allow for seamless straight-through processing with real-time settlement and data capture of these transactions.
Fusion offers businesses unparalleled flexibility by enabling direct integration of transaction data from their existing Lightning node, with the option to leverage full service node and liquidity management, if needed. This means companies can incorporate on-chain Bitcoin and off-chain Lightning Network transactions into their existing financial records using the systems they are already familiar with, eliminating the need for additional platforms or solutions.
"BlockSpaces is committed to providing Bitcoin-centric companies with seamless and efficient financial management solutions, and we believe integration and adaptability into traditional systems is a key component to adoption”, said Rosa Shores, Co-founder and CEO of BlockSpaces. "The introduction of Fusion in the QuickBooks marketplace is just the beginning, and it is the first of many marketplace partnerships and innovative products that will help pave the way for a new era in financial infrastructure."
As Bitcoin continues to gain prominence as a global financial asset, companies of all sizes are now holding Bitcoin in their treasuries and the demand for specialized tools to manage its unique properties becomes increasingly evident. With a focus on these specific requirements, BlockSpaces is positioned at the forefront of this transformative journey, offering solutions to meet the evolving demands of a Bitcoin-denominated financial landscape.
“BlockSpaces' acceptance into the QuickBooks marketplace, and our subsequent partnership with Sage, underscores our commitment to delivering enterprise-grade, Bitcoin-native software”, said Gabe Higgins, co-founder, CBO, BlockSpaces. “Fusion is a testament to our dedication to providing top-tier solutions for businesses.”
BlockSpaces' Bitcoin and Lightning Fusion's availability in the QuickBooks Marketplace and acceptance as a Sage partner, marks a significant milestone in the company's mission to provide Bitcoin-native companies with efficient and adaptable collateral and risk management solutions. As BlockSpaces continues to expand its product offerings and partnerships, the company is excited to pave the way for a new era in financial infrastructure, enabling businesses of all sizes to harness the power of Bitcoin and the Lightning Network within their existing systems. BlockSpaces is committed to delivering enterprise-grade, Bitcoin-native software, and Fusion is just the beginning of the journey to empower businesses in a Bitcoin-denominated financial landscape.
QuickBooks is the gold standard for small businesses and entrepreneurs seeking user-friendly accounting and financial management solutions. With a rich history of providing trusted financial software, QuickBooks continues to empower businesses to manage their finances efficiently.
About Sage Intacct:
Sage Intacct is cloud-based, best-in-class accounting software. It helps businesses increase operational efficiency, manage IT costs, and gain valuable real-time insight into their financials to improve productivity and profitability.
BlockSpaces is a comprehensive bitcoin-native, post-trade collateral management and risk mitigation platform that ensures transparent margin calculations, secure collateral movement and intraday settlement while capturing and recording real-time node transaction data into traditional front and back-office systems for seamless straight-through processing. The company serves Asset/Risk Managers, Lenders, Hedge Funds, Brokers, Market Makers, and Bitcoin-centric companies.