Welcome to the Building Web3 Podcast! In this episode, Jax Dwyer interviews Sam Leichman, the blockchain practice lead at Propeller Industries. Discover the essential financial considerations for blockchain companies, from on-chain transactions to compliance and financial reporting.

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Chapters

00:00 Introduction and Background
02:46 The Need for Crypto Finance and Accounting
06:39 Managing On-Chain Transactions
13:13 Importance of the Right Professionals
25:02 The Collaborative Nature of the Industry
28:26 Introducing the Statement of Digital Assets (SODA)

Join us as we delve into the world of blockchain finance with Sam Leichman, the blockchain practice lead at Propeller Industries. Sam shares his journey from investment banking to the forefront of blockchain financial management, providing valuable insights into the complexities and nuances of managing financial operations in the blockchain industry.

In this episode, we cover a range of critical topics including the unique financial considerations for blockchain startups, the importance of accurate token valuations, and the challenges of on-chain transactions. Sam also discusses the role of fractional CFOs and specialized accounting services in helping blockchain companies navigate the intricacies of financial reporting and compliance.

We explore the importance of maintaining proper subledgers and the significance of the Statement of Digital Assets (SODA) in ensuring accurate and transparent financial reporting. Sam offers practical advice for new founders on best practices for structuring their financial operations, including the use of different wallets and the necessity of professional financial advice.

Whether you’re a seasoned blockchain entrepreneur or just getting started in the world of Web3, this episode is packed with valuable information to help you manage your financial operations effectively and stay compliant with industry standards. Sam emphasizes the importance of having the right tax advisors, legal counsel, and financial professionals who are well-versed in the nuances of cryptocurrency and blockchain technology.

We also discuss common pitfalls that blockchain companies may encounter, such as the complexities of conducting on-chain transactions, the challenges of valuing tokens accurately, and the necessity of maintaining clear and compliant financial records. Sam shares his experiences working with early-stage blockchain companies, including his work with Solana Labs, and highlights the critical role that financial management plays in the success of blockchain ventures.

Furthermore, Sam outlines the key differences between traditional financial operations and those in the blockchain space, emphasizing the need for accurate and timely financial reporting. He explains how Propeller Industries supports blockchain companies through its scalable CFO and accounting services, ensuring that startups can focus on building and scaling their businesses without worrying about financial complexities.

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Disclaimer: Nothing said on Building Web3 is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jax, and our guests may hold positions in the companies, funds, or projects discussed.

Need technical content? Book a free strategy session with our team at https://jaxdwyer.com/ 

Need technical content? Book a free strategy session with our team at https://jaxdwyer.com/