RDX: Regaining Control of Crypto Accounting at Scale

Systems Struggling to Scale

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Before RDX adopted CryptoWorth, month-end crypto accounting had become the dominant activity of the finance team. Closing a single month took nearly the entire next month to complete. Verifying balances required significant effort, transaction histories were spread across multiple sources, and compiling information for auditors involved time-consuming manual work.

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RDX operates a layer one blockchain with activity spread across more than a dozen legal entities, multiple jurisdictions, and a rapidly evolving on-chain ecosystem. As the blockchain scaled, finance systems struggled to keep pace. What should have been routine accounting slowly turned into a time-consuming manual effort to reconstruct past activity.

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When Saul joined RDX as the group’s crypto accounting lead, his mandate was clear; the business needed visibility, control, and a way to close the books efficiently.

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Very quickly, the scale of the problem became obvious. As Saul put it, “it would take me three and a half weeks of a four week month” to complete crypto month-end close.

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A Fragmented Starting Point

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RDX operated as a single group with thirteen to fourteen entities. Development teams focused on building the blockchain, wallets, and protocols. Commercial teams managed liquidity strategies, partnerships, and token initiatives. Finance was responsible for consolidating everything after the fact.

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This was Saul’s first role in industry after years in public accounting and crypto audits. He stepped into responsibility for all crypto accounting across the group and immediately encountered a visibility problem. The systems in place could identify wallets but offered limited insight into exchange activity. Transactions executed through exchanges were difficult to access, and even basic end-of-day balances were not consistently available.

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To compensate, the team relied on spreadsheets. Each entity maintained its own file. The most complex entity, which handled trading strategies, liquidity provision, grants, and token investments, was tracked in a spreadsheet with roughly 170 tabs. Each tab represented a wallet, exchange, or contract. All movements were tracked manually.

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This approach only worked if every transaction was accurately recorded. 

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When Month-End Becomes the Job

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Because real-time tracking was not possible, crypto accounting was performed monthly. On the final day of each month, Saul manually logged into every exchange and wallet to capture screenshots as audit evidence. That step alone took a full workday.

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From there, balances were compared month over month. Any difference had to be explained retroactively. If a transaction had not been flagged at the time it occurred, it surfaced later as an unexplained variance. Exchange transaction histories were often incomplete due to retention limits, which meant gaps were common and context was missing.

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The full crypto close took approximately three and a half weeks.

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“It wasn’t viable” Saul said, “We needed a turnkey solution that automated all of our manual efforts". 

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As RDX added wallets, exchanges, and new listings, the workload increased further. The process could not scale and consumed nearly all available finance capacity.

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When Tooling Limits the Business

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The issue was not effort or expertise, but tooling. The subledger in place could not handle transaction volume at scale. Attempts to increase connectivity introduced performance limits and higher costs without improving visibility.

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More critically, finance could not reliably see balances.

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“With an arbitrage strategy… it should remain neutral. The balance shouldn’t go up or down,” Saul explained.

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At that point, it became clear the setup was constraining the business rather than supporting it.

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From Reconstruction to Control

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Saul had seen crypto accounting done differently during his time at EY and KPMG, including work on some of the earliest crypto audits. He knew it was possible to operate at scale without relying on manual reconstruction. After evaluating several options, RDX chose to partner with CryptoWorth as a platform capable of real accounting depth at scale. 

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Once implemented, CryptoWorth pulled complete transaction histories from the beginning of each wallet and exchange account. Longstanding gaps disappeared.

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“It helped massively,” Saul said. “Now we can see exactly what happened and where it went. The depth of data is invaluable.”

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The operational impact was immediate. What had taken three and a half weeks was now much faster.

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“Now I can do the month-end process for all of our crypto in two days,” Saul said, “It’s a life-saver”. 

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Balances were no longer limited to month-end snapshots. Data synced daily and on demand, allowing management reporting to be prepared any day of the month without manual reconciliation.

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The shift also reshaped the finance team. Headcount was reduced, saving approximately £200,000 annually. At the same time, the new system cost less than what it replaced.

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Saul’s role changed as well. Instead of spending nearly all his time reconciling crypto, he took ownership of the full group month-end close and expanded into other finance functions. Management accounts no longer required manual crypto preparation.

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With CryptoWorth, executives gained direct access to information, removing bottlenecks in decision-making. The CFO and COO could log in and view live balances and token holdings without worrying about data gaps. 

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“They now have the ability to just go and see that,” Saul said, “CryptoWorth provides the insight and transparency we need in order to make informed decisions”. 

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The Current State

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Today, RDX operates with continuous visibility into its crypto activity. Month-end is no longer a bottleneck. Audit questions are answerable. Leadership has direct access to data. The system scales alongside the blockchain.

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For Saul, the shift to CryptoWorth was more than operational.

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“With our finance processes seamlessly automated, I was able to focus efforts on new aspects of our business. CryptoWorth helped me progress in my career,” he said.

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What changed was not just the tooling, but the ability to move from reconstructing the past to controlling the present.

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