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 support this in the way that needs to be done to allow proper accounting.
Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.
I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.
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…
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.
Duncan Greenwood
supported this idea
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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.