Virtually Human Studio, also known as VHS, is a digital-first company based in Australia. It was founded in 2018 and has become a leader in the Web3 industry by combining gaming, sports, mixed reality experiences, and digital assets.
Their virtual horse racing platform, Zed Run, has gained massive popularity in the blockchain world. Users can buy, sell, and race their digital horses on virtual tracks, competing for both glory and crypto rewards. With over 80,000 players and 1 million races hosted since its launch in 2019, Zed Run has revolutionized virtual sports.
As a result of this rapid success, VHS has become a key player in Australia’s digital start-up scene, where unicorns are emerging more frequently. Their growth aligns with the trend in the country’s start-up ecosystem, which embraces emerging technologies to achieve global success.
VHS is a unique business that combines non-fungible tokens (NFTs), cryptocurrencies, and blockchain technology. Despite their innovative approach, they still face challenges similar to traditional businesses, such as scaling operations, streamlining processes, and managing complex financial transactions.
As the popularity of Zed Run continued to soar, the volume of transactions and crypto activities began to surpass the capabilities of their existing software, Xero. In preparation for expansion, they sought an enterprise-grade ERP system that could handle their financial and operational demands while also integrating with automated cryptocurrency processing. They also needed a solution provider with experience in their industry.
Rajib Banerjee, Head of FP&A and Blockchain Reporting at Virtually Human, stated, “Our main objective was to integrate blockchain with our accounting systems. We needed a solution provider that had experience building a solution for an exchange, as we handle a high volume of transactions and need to be able to scale in the future.”
Annexa is a NetSuite solution provider that works with businesses in Australia and New Zealand to deliver customized, end-to-end cloud ERP solutions. We specialize in working with digital-first companies, and our ability to integrate cryptocurrency exchange and blockchain into NetSuite’s platform led to a partnership with VHS.
NetSuite’s financial capabilities provide VHS with the controls necessary for financial consolidation and reporting, multi-currency conversions, and inter-company transactions on one platform. Additionally, Annexa’s bespoke cryptocurrency module integrates with cryptocurrency data aggregators to retrieve exchange rates for all cryptocurrencies, including Ethereum. It then integrates these rates into NetSuite’s native currency and foreign exchange tables, allowing for accurate financial reporting in VHS’s base fiat currency, regardless of the cryptocurrencies involved in their transactions.
This integration has numerous benefits for VHS, including near real-time conversion rates for cryptocurrencies, easier generation of financial statements that reflect true financial health, improved compliance with financial regulations, reduced manual effort in tracking and converting cryptocurrency transactions, and a comprehensive view of finances, including crypto assets, within NetSuite’s dashboard.
Rajib Banerjee explains, “NetSuite has enabled us to automate our blockchain activities and set up automated journal entries, streamlining our accounting process. This has been a significant win for us.”
Today, VHS is on the path to global expansion, equipped with a scalable and state-of-the-art system that allows for efficient financial consolidation, seamless multi-currency conversion, and transparent inter-company transactions. To learn more about VHS’s cloud ERP transformation or Annexa’s cryptocurrency module, visit their websites.
