MoonPay has acquired Entendre, an AI-powered accounting and finance platform built for businesses that manage and transfer money across the chain.
The acquisition provides automatic accounting tools for MoonPay’s existing payment system, according to an X article published by MoonPay. This is done to address the fact that stable businesses have become popular but complex.
Entender automates your cryptocurrency accounting workflow
Entender creates artificial intelligence agents that perform back-office tasks in the background for cryptocurrency-based companies.
Polygon Labs, Thirdweb, Brale, Babylon Labs, Ostium, Courtyard, and DoubleZero are some of its clients, MoonPay said in a statement. These companies deal Stable coin Payments pass through wallets, swaps, bridges and currency bars.
At each step, these payments create accounting records that are manually balanced by finance teams.
Blockchain technology documents the movement of money, but it does not provide an explanation. Payment with a stablecoin may incur gas fees, currency conversion fees, bill processing fees, or card network fees. Accountants must manually combine data from spreadsheets, bucket explorers, and other accounting platforms to create accurate calculations in the absence of automation.
Entender takes raw data from blockchain networks and turns it into structured financial records. Entender’s clients manage more than 30 financial accounts and handle about 25,000 transactions each month, which are often split between three or more law firms.
The startup claims it reduces manual accounting work by more than half, automates 93% of journal entries, and enables teams to close their accounts three times faster than traditional methods.
Entendre clients have passed audits with Mastercard and Visa, and have collectively raised more than $1 billion in venture capital over the past year, as Cryptopolitan previously reported.
MoonPay CEO Ivan Soto-Wright framed the acquisition as part of a broader change toward what the company calls “agent finance,” where artificial intelligence systems coordinate financial tasks alongside human operators.
“Legacy software was designed for manual workflows,” Soto-Wright said in a company statement. “The next financial system will be orchestrated by humans and agents.” advertisement. He added that if stablecoins are to see widespread commercial adoption, “financial processes need the same speed, context and automation as payments themselves.”
MoonPay bought payment company Meso last year and hired co-founders Ali Agariza and Ben Mills. Most recently, the company acquired wallet security company Sodot, along with Decent and DFlow, both of which were acquired in May.
com.MoonPay It also recently launched MoonAgents Desktop App, a tool that allows users to interact with blockchain systems through text commands for tasks such as trading, wallet funding, and transaction tracking.
CFOs are slowly moving towards stablecoins
according to research According to PYMNTS Intelligence, nearly two-thirds of CFOs (23%) believe stablecoins will become somewhat or very important in the next three years, and 15% believe they will become very or extremely important. Only 10% of people say the same about cryptocurrencies in general.
45% of CFOs described integration with established banking providers as the most important thing that would make stablecoins useful in payments flows. Uncertainty over regulation remains the biggest issue, cited by 67% of companies relying on stablecoins and 77% of cryptocurrencies, according to the same research.
