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+1 to adding this feature.

The scope should include stablecoins in USD, EUR, and other major fiat currencies. We currently accept and make payments using stablecoin alongside traditional banking rails. They [stable coins] are much faster and cheaper for us to pay for goods and services.

I know it is a single data point, but since offering payment options in crypto, we have seen more clients pay in crypto.

For those @ Xero monitoring crypto adoption - Chainalysis do a good report on this. https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

Since first posting this, I have moved to a firm that specialises in the taxation of crypto activity. Not only is the rate of adoption of crypto as a speculative asset ever-increasing, so too is its use case as a borderless payment rail. This is particularly valuable for our business as we accept the payment of crypto for tax agent services.

An increasing amount of payment solutions are coming online as well, like Request Finance for business invoices, bills and payroll as well as POS solutions like Wallet of Satoshi (Bitcoin Lightning Network) and Slice (Base, the OP Stack chain being built by Coinbase).

However, the solution to maintaining half-decent records is a solution stack that mediocre at best. Request has a CSV import only with Xero (but has full integration with Quickbooks) and the integration with CryptoTaxCalculator (CTC) is not flexible in the way records are bridged across. In both instances, the end result is major UX roadblocks and inefficient completion of work required.

Please kick this up the priority list. By the time you realise crypto is 'here', it will be too late.

Hey Mark, check out Chainlink ($LINK) for Rate Feeds Xero's best strategy is to build a Xero Extension Wallet (See MetaMask) and then integrate the Wallet into Xero

I'd like to see Bitcoin.

Frankly its a bit of a joke that xero doesn't offer it, even in rudimentary form, and the plans are "kick the can down the road, because its a niche thing".

I'm hunting for a solution today and for some entities will take my business to the person that offers it.

Multi-currency options.

With the rise of business' utilising crypto-currency as payment in their day to day services, it would be great to have a 'custom currency' option so that the conversion rate of that transaction could be entered. This may not be a solution where a business has numerous transactions, however where it is is just the occasional transaction it would be extremely helpful to be able to enter a custom conversion rate.

Dear Xero Community,

I've closely followed the vibrant discussion around integrating cryptocurrencies, particularly Bitcoin, into Xero. The insights and needs shared here, from handling high-precision exchange rates to integrating crypto wallets, resonate deeply with us.

We understand the complexities of integrating digital currencies into Xero, as Mark Blundell and others highlighted. The challenges of currency rate feeds, revaluation logic, and reporting are not trivial. However, we believe that embracing these technologies is not just about keeping pace with market trends but also about unlocking new possibilities for businesses globally.

As a result of our pain integrating crypto transactions into Xero for the last two years, we embarked on developing ContaCrypto.io a solution to bridge this gap. Our tool seamlessly integrates crypto transactions into Xero, addressing key concerns such as:

High Decimal Precision: We've tackled the issue of decimal precision, allowing for accurate representation of cryptocurrencies in financial records.

User-Friendly Interface: Understanding the importance of a smooth user experience, our solution offers an intuitive interface, making it easy for businesses to adapt without a steep learning curve.

Efficient Reporting: Our solution streamlines the reporting process, ensuring that crypto transactions are reflected accurately in your financial statements.

Our goal is to make crypto integration a feasible, efficient, and valuable addition to your financial toolkit. This development could open doors to new business channels and opportunities, as suggested by Tom Algie and others.

We're keen to collaborate with Xero and the community to refine this tool further. Your feedback and insights would be invaluable in this journey.

I invite you to consider trying for free this solution. I'm looking forward to your thoughts and the opportunity to contribute to this exciting evolution in financial technology.

Valentina Delfino

Since the current limit on decimal spaces appears to be 6, adding this feature might require a system-wide change of variable types to allow for more decimals. Probably long doubles or quadruple floats... This does sound like a lot of work.

XE.com does support most of the major cryptocurrencies. Although it's not particularly commonplace today, in the next few years, digital assets are likely to see a huge increase in usage, and will soon become a standard payment type for the average individual and business. It's especially useful for international transfers without incurring payment fees applied as percentages. It would be a good idea to get into that game early so that Xero can dominate the potentially massive growth in that marketspace.

I don't mind having to upload CSV files, as opposed to connecting bank feeds to crypto wallets (although that would be amazing, and totally achievable with blockchain tracking). I would be happy if the possibility of recording high-precision exchange rates with the major cryptocurrencies becomes a standard feature.

Great to hear Xero is considering this and monitoring. Can you please look at the Lightening Network (LN) and put that at the front of the queue.

Being able to generate and receive LN payments with Xero would be an amazing step forward. Would be happy to use a Xero hosted LN wallet and give up custody in exchange to native integration from Xero. Strike and Lightspark both offer APIs, would be worth talking to them.

Many thanks! :)

Adding few of the the largest currencies should be easy, and an important, first step for companies which already are using a web3 wallet. That will solve the main problem.

CBDC is also integrated at a record speed throughout the world so you have to act accordingly.
https://www.bis.org/publ/bppdf/bispap136.pdf

Would also appreciate BTC. My guess is that you only think it's a small percentage, but in reality it would open up a whole other business channel for Xero - and adoption is growing.

Xero only allows .6 digits for the FX (example 1.234567) rate, and we require .12. Why is there such a small number allotted for the FX. When we trade money at the currency exchange between our accounts, we require in Xero to have the full amount of decimal points possible (in other accounting programs more than 12 are available) in order to do our conversions correctly. When will this be updated and resolved?

This comment is strange @Dannielle Graham.
99% of the companies supporting cryptos are working with USDT and/or USDC, none with BTC !

Please just work on Bitcoin, wouldn't need to be any other coins.

“The cost remains very high for us to deliver this feature”

I can help you bring down cost and bring this feature forward for us, your customers, using TomorrowX.com

Worth a call to explore…

Help me, to help you, to help us!

Bitcoin not Crypto. If you try to develop for the 20,000 alt coins you're going to get nowhere fast. Concentrate your efforts on supporting Bitcoin. The improvements in the layer 2 lightning network have seen a huge increase in adoption and these payment rails will rapidly become extremely important for vendors as more and more people transact using Lightning.

As an earlier commenter said. If you could even tackle the simpler digital currencies first rather than full support, that would help. The stable coins would be a big help.

We're working on merchant adoption of Bitcoin in NZ and this development is critical for a lot of businesses looking to innovate in this way.

Adding crypto currencies would be very important to us at the moment and will possibly become crucial in the futre.... definately something Xero need to think about

Custom currency would be critical to us to be able to use Xero efficiently.

Bitcoin and/or Bitcoin lightning for invoicing would be a huge