ETHGlobal implements Loop to enable crypto invoicing for its event
TL;DR: ETHGlobal utilizes Loop’s integration with Xero to enable crypto invoicing and save hours on crypto payment reconciliation.
Introduction
We’re excited to announce that ETHGlobal is using Loop for crypto payments to streamline its process of managing invoicing for its global customer base. ETHGlobal runs world-class events for the Ethereum ecosystem with the goal of fostering development and innovation within the Ethereum ecosystem. Since the organization’s founding in 2017, they have brought over 70k developers into the web3 ecosystem through a worldwide series of hackathons, showcases, and educational events.
From San Francisco to Paris to Tokyo, ETHGlobal hosts events all over the world and works with partners scattered across the globe. Crypto payments are critical for their financial operations, offering them a truly interoperable and global payment rail. The challenge, however, is tracking all of these crypto payments. With hundreds of partners paying them throughout the year, they needed a way to streamline the process of managing crypto payments and ensuring all transactions flowed seamlessly into their accounting software. As we’ll explore, Loop’s custom crypto payment links and integration with Xero have helped ETHGlobal solve this challenge.
Background on ETHGlobal
Since its founding 7 years ago, ETHGlobal has hosted hackathons and events in dozens of countries attracting attendees from over 100 countries. Working with a premier group of event partners that include the Ethereum Foundation, the Uniswap Foundation, ENS, and many others, ETHGlobal regularly distributes hundreds of thousands of dollars in prize money to developers at each of its events and has given away $10M+ in prizes since its founding. Over 10,000 innovative projects have emerged from the hackathons, and many of the developers involved in the events have gone on to build or have continued to build at some of the leading web3 companies. The latest project showcases from ETHGlobal’s most recent event, ETHGlobal Brussels, can be found here.
Why ETHGlobal uses Loop for crypto invoicing
One of the biggest challenges financial managers face when dealing with crypto payments is context. What was that on-chain transaction for? Unfortunately, many teams spend hours at the end of every month digging into transaction hashes and trying to match them to invoices so that they can close outstanding Accounts Receivable items. It’s a tedious process reliant on customers sending you transaction hashes as proof of payment or trying to match an invoice amount priced in USD to a crypto transaction denominated in a token.
At Loop, we set out to solve this problem and give teams back those hours they are losing every month with manual reconciliation. With our integrations with Xero, QuickBooks, and Stripe, you can generate an invoice as you normally would in those systems and then simply embed a Loop payment link that has been generated specifically for your company. Once your customer receives the invoice, they simply click on the Loop checkout link and proceed with initiating the payment in crypto. As soon as the transaction processes on-chain, the invoice you originally generated in Xero, QuickBooks, or Stripe is automatically marked as paid and the transaction hash is embedded in the invoice record for proof of payment. The manual intervention of trying to match on-chain transactions with invoices is completely removed.
Learn more
To learn more about ETHGlobal and their upcoming events, check out their website and follow them on X, Warpcast, and Lens Protocol.
If you need a crypto payment solution to streamline your process for crypto invoicing, let’s talk. Loop Crypto makes it simple to implement crypto payments for any payment model and has saved teams thousands of hours with its automated payment reconciliation for crypto.
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About Loop
At Loop Crypto, we build infrastructure to unlock truly programmable money and create an open financial system. We enable crypto payments for 50+ of the top web3 companies, including Pinata, Neynar, Paragraph, Kaito, ETHGlobal, and ENS, supporting millions of dollars transacted and saving thousands of hours.
Whether the payment is one-time or recurring, Loop supports a broad range of payment use cases: subscriptions, one-time charges, recurring bill pay, loan repayments, and donations. Our integrations with Stripe, QuickBooks, and Xero make it easy to implement crypto payments within your existing operations.
If you’re ready to get started, book a call with our team to get started in minutes.
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