Mion: Precision in Cryptocurrency Reconciliation

AutoRek has recently introduced Mion, a platform designed to meet the complex needs of institutions managing cryptocurrency and digital assets. This new solution is engineered to handle high-precision calculations, necessary for assets like Ethereum, which require up to 20 digits before and 18 after the decimal point.

The initiative was driven by a request from a US-based crypto custody provider. They faced significant challenges in reconciling their crypto asset balances due to the limitations of existing systems that were not equipped for such precise calculations. AutoRek’s development team spent six months rearchitecting the platform to ensure it could perform without rounding errors or data truncation.

According to an AutoRek representative, this problem was initially seen as a single client issue but was quickly recognized as a broader industry gap. Financial institutions that are adopting digital assets must deal with reconciliation issues that conventional systems—typically configured for 2 to 8 decimal places—are unable to address. Mion addresses these needs by ensuring that firms can apply the same financial controls used in traditional markets to high-precision crypto environments.

Mion is capable of accurately processing large volumes of transactions, making it suitable for a wide range of digital assets. It ensures the precise reconciliation of transaction, account, ledger, and balance data across different currencies without compromising accuracy due to system limitations.

A technical lead at AutoRek highlighted that increasing decimal place display alone was insufficient; the platform required a complete architectural overhaul and custom-coded functionality to overcome database technology constraints. This includes proprietary mechanisms for advanced numerical operations, which support tasks such as foreign exchange (FX) conversions, valuations, and complex data aggregation in cryptocurrency spaces.

Adapting to Evolving Requirements

The growing global capitalization of the cryptocurrency market, now surpassing $3 trillion, brings with it operational infrastructure needs that differ significantly from those in traditional finance. The increased adoption of crypto coincides with greater regulatory scrutiny, especially in regions like the UK and EU, where frameworks such as the FCA’s DP23/4 and the EU’s Markets in Crypto-Assets Regulation (MiCA) emphasize the importance of robust reconciliation and asset safeguarding processes.

Mion is designed to help financial institutions meet these evolving demands by providing:

• Precision processing suitable for digital assets requiring up to 18 decimal places.
• Scalability to manage growing transaction volumes.
• Compliance features aligned with regulatory requirements for client asset protection.
• Tools for detailed valuations, foreign exchange calculations, and real-time reconciliation.