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Lukka > Case Studies > Trident Trust's Transformation in Crypto Fund Administration with Lukka
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Trident Trust's Transformation in Crypto Fund Administration with Lukka

Technology Category
  • Application Infrastructure & Middleware - Blockchain
Applicable Industries
  • Finance & Insurance
Use Cases
  • Machine to Machine Payments
Services
  • System Integration
The Challenge

Trident Trust, a global leader in fund administration, faced significant challenges when it first ventured into the crypto space in 2017. The company had to collect its clients' crypto transactional data through mechanisms that were often cumbersome and unsustainable, such as manual input, files, and screenshots. Once the data was collected, Trident used spreadsheets to apply price and derive the trading activity value. This process was not only laborious but also required Trident to manually transform the data into a format that was easily consumable by traditional fund accounting systems. The lack of automation and the need for manual intervention made the process inefficient and prone to errors.

About The Customer

Trident Trust is a global leader in the fund administration space with footprints across multiple continents. The company ventured into the crypto space in 2017 and faced significant challenges in collecting and processing crypto transactional data. Trident serves a wide range of hedge funds that have evolved to trade more complex crypto assets and strategies. The company required a solution that could automate the data collection, processing, and reporting processes, and found this solution in Lukka's technology, data, and expertise.

The Solution

In 2018, Trident became Lukka's first fund administration customer. Lukka provided support for fund data collection and account balance calculations and valuation for crypto-fiat spot trades. The Customer Success team at Lukka used Lukka Enterprise Software to assist the data transformation and delivered standardized reports in a format that could be directly loaded into Trident's accounting system. As Trident's clients evolved and began trading more complex crypto assets and strategies, Lukka expanded its support. Lukka now helps Trident support crypto spot transactions, derivative transactions such as options/futures/swaps, lending, and staking activity, as well as transactions occurring on many Ethereum-based DeFi protocols. Lukka has automated reporting for Trident's fund clients, allowing them to run their reports at any frequency needed and in any output.

Operational Impact

  • The partnership with Lukka has transformed Trident's crypto fund administration practice. The automation of transaction data ingestion and account balance reconciliation has significantly reduced the time and effort required to manage these processes. The delivery of pricing and valuation data for over 700 crypto assets has enabled Trident to support monthly NAV calculations more efficiently. The automated reporting processes have eliminated the need for manual intervention, reducing the risk of errors and improving the accuracy of the reports. Furthermore, the ability to support more complex crypto assets and strategies has allowed Trident to better serve its clients and stay ahead in the rapidly evolving crypto space.

Quantitative Benefit

  • Automated transaction data ingestion and account balance reconciliation for more than 50 crypto hedge funds.

  • Delivery of pricing and valuation data for over 700 crypto assets used to support monthly NAV calculations.

  • Automated reporting processes for each fund client, eliminating the need for manual intervention.

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