The Picks & Shovels Co. and CoinVantage Inc. Announce Merger
Combination Creates the Industry’s Leading Platform for Digital Asset Portfolio Accounting and Reporting
December 20, 2018 — The Picks & Shovels Co. (“Picks & Shovels”) and CoinVantage Inc. (“CoinVantage”) announced today the merger of the companies to create the leading portfolio accounting and reporting system for digital assets. The combined system, Interchange, will be the software platform of choice for MG Stover & Co. (“MG Stover”), the largest fund administrator for digital asset funds and former parent of CoinVantage.
“The decentralized, fragmented nature of the crypto asset landscape means that portfolio accounting and management is painful, tedious, and time-consuming.” says Picks & Shovels CEO, Matt Galligan. “By joining forces with CoinVantage, we will deliver an industry-leading solution that will bring simplicity and clarity to an otherwise complex space.”
Built by experienced fund operators and accountants, CoinVantage has processed millions of transactions, representing billions in dollars of value. By combining its best-in-class portfolio accounting and reporting with the portfolio management solution from Picks & Shovels, Interchange will become a comprehensive front-to-back office platform for businesses managing and transacting in crypto assets. The combined company will service over one hundred institutional entities with more than $2 billion in AUM, including fund administrators, hedge and venture capital funds, family offices, OTC desks, and digital exchanges.
Interchange automatically captures, normalizes, and reconciles crypto asset balances, transactions, and trades from hundreds of blockchains, exchanges, and custodians. Through automated processes, clients can monitor their portfolio through real-time dashboards, track the latest position movements between exchanges and wallets, and obtain critical insights into portfolio exposure, profit and loss and tax lot detail.
“By partnering with Picks & Shovels” says Matt Stover, CEO of CoinVantage and MG Stover, “we’re combining CoinVantage’s industry and accounting expertise with a management team experienced in developing cutting-edge technology. We strongly feel that the combined solution, Interchange, will create the best technology solution for the many participants in the digital asset markets. MG Stover is excited to utilize Interchange and remain an active thought leader in the best practices of digital asset fund accounting.”
MG Stover was the first in the industry to provide services to digital asset funds, beginning in 2014. The firm now services over one hundred crypto hedge, venture capital and private equity funds. As a minority shareholder of the combined company, MG Stover will play an integral role in helping to scale, grow and develop the Interchange platform. MG Stover’s CEO, Matt Stover, will be joining the Picks & Shovels board of directors.
- For press inquiries, you may reach out to press@interchangehq.com
- If you’re interested in a demo of Interchange, reach out to sales@interchangehq.com
About The Picks & Shovels Co.
Founded in 2017, the Picks & Shovels Co. is a software technology firm built by seasoned technologists and serial entrepreneurs delivering best-in-class solutions to businesses operating in the crypto asset industry.
About MG Stover & Co.
MG Stover is a full-service fund accounting and administration firm that has been servicing hedge, private equity, and venture capital funds since its inception in 2007. Built by former auditors and fund operators, MG Stover delivers world class solutions to the alternative investment industry.
