BitCap is a Washington-based mining-hosting company who has been operating and supporting clients since early 2017, specializing in hosting ASICs for Bitcoin miners. Serving several hundreds of clients, BitCap handles many hundreds of crypto payments a month, primarily in Bitcoin.
BitCap encountered complexities not from operational limitations, but from the vast range of possibilities inherent in the crypto landscape. Their decision to support multiple cryptocurrencies was driven by a commitment to meet clients where they are, rather than imposing arbitrary economic restrictions. The challenge lay in reconciling the diverse and dynamic nature of these transactions, as clients operated across various cryptocurrencies and sent payments through catch-all addresses, adding layers of complexity to an already fluid market.
The Challenge
One of BitCap’s biggest challenges stemmed from the use of a single catch-all address for receiving payments. Clients often failed to notify the company when they sent funds, leaving the team scrambling to identify who had paid what. This made tracking transactions a monthly burden, as they had to sift through hundreds of payments with little, to no context. In addition to this, their previous platform, Cryptio, provided poor API support, resulting in unreliable transaction data, delayed syncing, and operational inefficiencies. It became clear that BitCap needed a more reliable, automated solution for managing its crypto payments – one with a robust API.
“We received about several hundred crypto payments each month, and we’d have to manually figure out who sent what. The API support was lacking, and there were continuous data syncing issues. We were wasting a huge amount of time and energy on a broken system.”
— Gannon Witt, Snr. Engineer at BitCap
As BitCap transitioned to a more automated accounting process, they required a platform capable of generating personalized addresses for each client, streamlining crypto payments, and integrating seamlessly with their existing systems and infrastructure.
The Solution
After experiencing continued frustration with Cryptio, BitCap decided to switch to TRES, with our data-led platform, providing advanced API capabilities and support for custom workflows. TRES enabled BitCap to automate the tracking and reconciliation of crypto payments, significantly reducing manual effort.
With TRES, BitCap now issues personalized crypto addresses to each client, ensuring that payments are correctly attributed to the right account upon receipt. This eliminated the previous confusion of matching payments to clients and allowed the team to categorize 95% of their transactions automatically. The integration with their corporate crypto exchange accounts also improved, providing smoother, more accurate transaction data.
“TRES immediately impressed us with its API. The platform allowed us to build custom tools around it and automate the tracking of crypto payments. We went from spending hours manually categorizing transactions to handling them in a fraction of the time.”
— Gannon Witt, Software Lead at BitCap
The Result
Thanks to TRES, BitCap managed to classify nearly tens of thousands of historic transactions within a week — a task that would have taken over a month with Cryptio. The switch to TRES has improved the team’s efficiency by 400%, drastically reducing the time spent reconciling transactions from several days to just 30 minutes per month. The automated system now tags payments accurately, saving countless hours and allowing the team to focus on other important aspects of their business.
In addition, TRES has become a crucial part of BitCap’s daily operations, offering flexibility through its API and a robust support system that resolves issues quickly. BitCap is now looking to further integrate TRES into its workflow by automating payment processing in Netsuite, making the accounting process even more seamless.
“TRES has been a game-changer for us. We no longer have to worry about managing crypto payments manually, and the customer support is fantastic. We’re able to focus more on growing our business, knowing that TRES has our back.”
— Jimmy Odom, Co-Founder of BitCap
For BitCap, TRES provided a comprehensive solution to the complex challenges of managing and reporting on high-volume crypto payments. The platform’s ability to automate the categorization and reconciliation of payments, combined with its powerful API and excellent client support, has dramatically improved BitCap’s operational efficiency.
As BitCap continues to grow, TRES remains an essential partner in helping them scale their operations while maintaining accuracy and compliance.
Interested in TRES?
