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Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to…
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Valentina Delfino
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179 votesValentina Delfino
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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