Just about Human Studio – or the ironic acronym VHS – is an Australian digital-first firm based in 2018 that has pioneered a successful Web3 mixture of gaming, sports activities, blended actuality experiences and digital belongings. Should you haven’t heard of VHS, you will have heard of Zed Run, their digital horse racing platform that lives within the blockchain.
In Zed Run, horse racing fanatics should buy, promote and race their horses throughout digital tracks within the blockchain, competing for glory and crypto rewards. It’s change into a digital phenomenon the place digital steeds have been recognized to command six-figure sums and worldwide gamers whole over 80,000 ultimately depend. Since launching in 2019, Zed Run has redefined digital sports activities, internet hosting over 1 million races and creating an engaged neighborhood of gamers wanting to breed, race, and commerce their steady of horses to trackside success.
The speedy success has seen VHS change into a key participant in Australia’s digital start-up scene – the place unicorns are starting to emerge with rising frequency. Their speedy progress additionally displays the broader pattern within the Australian start-up ecosystem in direction of embracing rising applied sciences to drive success on a world stage.
VHS represents a brand new breed of enterprise that melds non-fungible tokens (NFTs), cryptocurrencies, and blockchain know-how. But, regardless of their revolutionary edge, they nonetheless encounter challenges much like these confronted by conventional companies – scaling operations, streamlining processes, and managing advanced monetary transactions.
As Zed Run’s recognition soared, the surge in transactions and crypto actions began to outpace the capabilities of their present software program, Xero. With their sights set on enlargement, they started to evaluate enterprise-grade ERP methods – together with SAP and NetSuite – that might combine with automated cryptocurrency processing whereas additionally dealing with their monetary and operational calls for. On the similar time, they wanted to trace down an answer supplier with expertise of their house.
“The principle goal we pursued was the blockchain integration with our accounting methods,” mentioned Rajib Banerjee, Head of FP&A and Blockchain Reporting, Just about Human, “It was necessary that we work with an answer supplier that had constructed an answer for an alternate earlier than as a result of we wanted to deal with a really excessive quantity of transactions, and be capable to scale sooner or later.”
Annexa is a NetSuite resolution supplier that works with ANZ companies to ship customised, end-to-end cloud ERP options, and one sector we notably give attention to is digital-first corporations. For VHS, our skill to combine cryptocurrency alternate and blockchain into NetSuite’s platform led to a partnership that might see VHS’ functionality want checklist come to life.
First, NetSuite’s monetary capabilities have supplied VHS with the controls wanted to deal with monetary consolidation & reporting, multi-currency conversions, and inter-company transactions on a single platform.
NetSuite’s extensibility caters to various use instances, in VHS’ case, by way of the combination of Annexa’s bespoke cryptocurrency module. This module connects with cryptocurrency knowledge aggregators to retrieve alternate charges for all cryptocurrencies, together with Ethereum. It integrates these cryptocurrencies into NetSuite’s native foreign money and international alternate (FX) tables, enabling the conversion and reporting of economic outcomes again to VHS’ base fiat foreign money, irrespective of the cryptocurrencies concerned of their transactions. In essence, VHS are capable of leverage NetSuite’s monetary reporting capabilities alongside their use of cryptocurrency.
This helps VHS operations in a variety of methods:
- Nearly real-time conversion charges for cryptocurrencies hold monetary information up-to-date and correct.
- By integrating cryptocurrencies into the native monetary reporting system, it’s simpler to generate monetary statements that replicate true monetary well being.
- VHS are higher capable of keep compliance with monetary rules through a transparent audit path of cryptocurrency transactions throughout the acquainted framework of NetSuite’s FX tables.
- Important discount within the guide effort required to trace and convert cryptocurrency transactions
- A complete view of funds, together with crypto belongings, instantly inside NetSuite’s dashboard helps extra knowledgeable decision-making
Or, as Banerjee explains, “NetSuite allowed us to automate the precise for our blockchain exercise and arrange automated journal entries to streamline the accounting course of. In order that’s been a giant win for us.”
At this time, VHS is on the quick monitor to world enlargement. Now not saddled with the restrictions of typical monetary methods, they’re outfitted with a scalable and state-of-the-art system that retains them forward of the pack with environment friendly monetary consolidation, seamless multi-currency conversion, and clear inter-company transactions.
Be taught extra about VHS cloud ERP transformation or Annexa’s cryptocurrency module.
