Public Key Podcast

[CHAINALYSIS PODCAST EPISODE 34] Why Balance Sheets Are All The Rage In Crypto

Why Balance Sheets Are All The Rage In Crypto

Episode 34 of Public Key, the Chainalysis podcast, is here! This week we talk with Gil Hildebrand (Chief Executive Officer, Gilded). Gil informs us why big organizations are slow to move into crypto and the importance of wallet hygiene and internal controls when managing wallets.

You can listen or subscribe now on Spotify, Apple, or Audible. Keep reading for a full preview of episode 34. 

Public Key Episode 34 preview: Internal controls that could identify wallet mismanagement

Over the last month, it seems like the entire crypto industry has started talking about proof of reserves, off-chain liabilities, and counterparty risk. 

On this podcast, Ian Andrews (Chief Marketing Officer, Chainalysis) sat down with Gil Hildebrand (Chief Executive Officer Gilded), to dive into the world of financial controls and how crypto exchanges and businesses can utilize these internal processes to avoid mismanagement. Gil explains that the key to a secure operating model is removing the silos between the finance, development, and operations teams. 

Gil explains that many web3 businesses are not prioritizing their back office operations and, as a result taking on unnecessary risk. However, companies can improve security and operational efficiency by focusing on some key areas.

Quote of the episode

“And even worse, what we see all the time is that, you know, the dev and product teams make decisions and don’t really keep the rest of the team updated because they have a deadline, they’re behind schedule, they’re moving fast. And so when it comes to launch day, you know, the executives are like, “Hey, I need my reporting”. And, you know, the finance teams are like the numbers don’t match up.” – Gil Hildebrand (Chief Executive Officer, Gilded)

Minute-by-minute episode breakdown

  • (2:05) – Gil’s early realization he was destined to be a software engineer and partnering with Seth Godin 
  • (5:25) – What are decentralized operations, and how blockchain and crypto companies can be proactive with back-office operations.
  • (10:34) – The type of companies entering web3 and looking to ensure their accounting and operations are in order 
  • (14:05) – 8 Internal Controls to create a real crypto operational strategy
  • (18:16) – Describing why there are very few DAOs that are completely decentralized
  • (21:05) –  What is wallet hygiene, and why is it in such high demand 
  • (24:46) – The emergence of public companies getting into NFTs and cryptocurrency 
  • (26:16) – Changes to standard accounting principles and the IRS taking enforcement action against non-filing crypto holders

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

  • Blog: The Value of The Internet of Value: written by co-founder, Michael Gronager
  • Newsletter: DeOps Weekly: A weekly roundup and analysis for finance and ops leaders in web3.
  • Website: Gilded: Enterprise Grade Crypto Accounting & Payments
  • LinkedIn Post: 8 Internal Controls to create a real crypto operational strategy
  • Podcast: Decentralized Ops Podcast: How do web3’s biggest brands scale their operations?
  • Blog: OFAC Sanctions Internet-based Suppliers of Illicit Fentanyl and Other Synthetic Drugs
  • Twitter: Chainalysis Twitter: Building trust in blockchains
  • Tik Tok: Chainalysis Tik Tok: Building trust in blockchains among people, businesses, and governments.

Speakers on today’s episode


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