Entendre Finance

How Spice AI’s Enterprise Solutions are Powering AI Crypto Accounting 

Executive Summary

As the system of record for all on-chain accounting transactions, Entendre Finance is the first fully automated end-to-end AI accounting and bookkeeping solution for blockchain activity. This case study will walk you through how Entendre is leveraging Spice AI’s enterprise-grade solutions. It will dive into the partnership and discuss how Entendre are using Spice AI for real-time and historical pricing data to generate amounts required for revolutions, impairment loss, realized gains and losses, and financial reports. For Entendre to achieve each task, access to precise and quality data was paramount.

Entendre’s Story & Mission

Entendre is on a mission to accelerate the adoption of Web3 by automating on-chain financial operations, so that businesses can focus on innovation.

Before Entendre, accounting and bookkeeping solutions for blockchain activity had consistently failed to address a recurring complaint from businesses — that they did not scale with the volume of transactions they were required to process. Entendre took up the challenge of addressing and resolving this fundamental issue and, in so doing, created the most performant, automated account platform for Web3. Within one API call, Entendre can extract all the data they need to complete a customer's account.

From top to bottom, Entendre’s platform is designed to be quick to implement, ready to scale, and easy to customize for Web3 use cases, such as payment acceptance, NFTs, DeFi, and expenses and trading. Furthermore, Entendre supports multiple blockchains and integrates with leading accounting platforms, as well as other Web3 applications.

Partnering with Spice AI

In searching for the right partner to achieve their objectives, Entendre was looking for enterprise solutions that would provide the technical firepower they required without sacrificing service quality.

“We are a team of crypto and fintech product experts, not cloud and developer infrastructure, so we needed to evaluate solutions based on their ease of implementation and time to market. We value solutions that deliver performance of transactions and pricing data without compromising the developer experience and accuracy.” <div class="author_name">Kareem Khattab</div><div class="author_title">CEO and Founder of Entendre</div>

Having assessed a wide range of services, Entendre finally chose Spice AI as their partner because of the speed and quality of their data delivery and the rapid time to market that their enterprise offerings enable.

Working in close collaboration, Entendre and Spice AI developed an asset transfer table tailored to auditing and accounting. Through it, Entendre’s team can get every transaction of a wallet or set of wallets and convert them back into fiat currency — all in a single SQL query. Being able to achieve everything with a single SQL query means that Entendre’s team can obtain a common timeline of transactions that perfectly matches up to price, something that was previously extremely difficult to implement.

Core to the project was maintaining Entendre’s service quality and upholding their commitment to delivering exceptional developer experiences. Customers choose Entendre because their platform is designed to be fast to implement, ready to scale, and easy to customize. Querying needed to happen nearly instantly in order to keep the service flowing and customers happy. Another critical concern for the Entendre team was data trustworthiness, as their service is dependent on having accurate and up-to-date data at all times.

“The well-known data providers we initially tried took 90 to 100 seconds to execute these queries. Spice AI showed us it was possible to return queries in under 5 seconds which excited us because the Web3 accounting space is notorious for slow performing user experiences.<br />We also needed to trust the accuracy of the data, that each query result included the latest block, and Spice has been the most performant in the block latency category for us.” <div class="author_name">Kareem Khattab</div><div class="author_title">CEO and Founder of Entendre</div>

In addition to developing the asset transfer table, Entendre came to Spice AI with a second challenge: to help them access pricing data at any time point to report balances and accounts with high accuracy, and to do so at a sustainable cost.

Implementing Routed Pricing

As the first fully automated end-to-end accounting and bookkeeping solution for blockchain activity and the system of record, it’s mission-critical for Entendre to be able to access pricing data at any time point to report balances and accounts accurately. It is also essential that they can do this at scale as cost-effectively as possible.

While various leading pricing data providers, including Spice AI, provide the data Entendre requires across over 10,000 coins, it's possible pricing data for conversion to fiat currencies does not exist. This issue occurs when native liquidity is absent for a price at a certain historical time point. Entendre approached and challenged Spice AI to deliver a robust solution that would enable them to navigate this problem. Working together, Spice AI and Entendre developed a routed swap solution to calculate token prices across decentralized and centralized exchange pairs, enabling synthetic exchange prices where prices would not otherwise exist.

As previously stated, costs also played a crucial role for Entendre when selecting the appropriate partner. Having assessed the pricing of other providers, Entendre found that Spice AI not only offered the best technical solutions but also the greatest value. While other providers charge between $10,000 and $20,000 for the granularity of data to meet Entendre's requirements, complete pricing data is included within Spice AI's standard plans.

“Spice’s infrastructure and team gives us peace of mind when we produce financial reports and balances for our customers. They depend on us to be accurate 100% of the time, so they can feel confident when closing the books each month. For pricing, we recommend Spice AI.” <div class="author_name">Kareem Khattab</div><div class="author_title">CEO and Founder of Entendre</div>

The Outcome of Our Collaboration

Ultimately, Entendre and Spice AI overcame the challenges of creating an asset transfer table and delivering a routed swap solution by leveraging Entendre’s deep accounting expertise and the Spice AI platform’s enterprise-grade offerings. As a result of the partnership, Spice AI have helped ensure that Entendre has access to the high-quality, trustworthy data they require at costs far below those of other data providers.

By constantly innovating, Entendre is on track to be the market leader in their sector. The Entendre team believes that performance gives them their competitive advantage over the competition. It’s their opinion that being unable to provide massive volumes of data in seconds, because of the inability to query millions of transactions constantly, is the most significant barrier the Web3 accounting world faces.

"Many teams are not good at accounting or big data because they're focused on their apps and customers. Entendre has Spice AI as our secret weapon. Spice AI will continue to be a strategic partner going forward, because there's going to be so many different kinds of data we'll need in the same ready-to-implement way." <div class="author_name">Kareem Khattab</div><div class="author_title">CEO and Founder of Entendre</div>

Where We Are Now & Where We Are Going Next

Beyond the challenges outlined in this case study, Entendre is continuing to leverage the Spice AI platform and is developing even more AI-based solutions to enhance their services and to meet their customers' evolving needs. As their partner, Spice AI is on hand to work with them to help them realize solutions to whichever challenges they choose to take on next. Learn more about the future of accounting software by checking out Entendre's recent blog, "Introducing Entendre Copilot: AI Crypto Accounting Software".

Having developed a robust range of data, AI, and infrastructure solutions, Spice AI continues  doubling down on servicing the needs of enterprise customers. Currently, Spice AI is working with a wide spectrum of enterprise businesses from a diverse range of industries.

Use Cases
Customer-facing application
Prices API
Customer’s website

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Luke Kim
Founder and CEO

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