Overview

This document applies to all releases of Eagle software. Version-dependent functionality is noted with the initial release(s) it became available.

A Cryptocurrency is a digital currency that use cryptography to prevent counterfeiting and other exploits. They are most commonly based on blockchain technology, which provides a distributed (and in many cases public) ledger for participants and market observers to monitor transactions. Some of the most popular Cryptocurrencies are Bitcoin (XBT/BTC), Bitcoin Cash (XBC/BCH), Ripple (XRP), Ethereum (ETH), and Litecoin (LTC).

The market for Cryptocurrencies has matured to the point where institutional and other more traditional investors are getting involved. The Eagle software suite has flexibility to model Cryptocurrencies in Accounting, Data Management, and Performance, regardless of your preferred coin(s). There are two models available that serve different business requirements and operational goals.

Securitization: set up a security representing each coin and book trades like an equity, using the exchange rate between the purchase currency and the Cryptocurrency as the price. This allows you to track tax lots and calculate richer performance returns.
Cash: set up each Cryptocurrency as cash and book trades using contributions/withdrawals and spots/forwards.

Content on this page:

Pay special attention to underlined sections, as these highlight the most frequently encountered issues. Bold is used for navigation, modules, and screens. Italics are used for fields, tables, and errors. Fixed width indicates values for fields or code/text that should be entered. Tags are shown in parentheses (#) after field names.

Entity Setup

Entities trading Cryptocurrencies do not require any special setup, but pricing and exchange rate sources must be considered.

If you are using the securitization model, ensure your Long Price Source (1282) and Short Price Source (5422) reflect your desired Cryptocurrency pricing sources, as you will be loading the exchange rates as prices
If you are using the cash model, ensure your FX Source (1344) and Valuation FX Source (11652) reflect your desired Cryptocurrency exchange rate sources

Reference Data

Storage & Configuration

Each Cryptocurrency security master file (SMF) is modeled as its own equity security (securitization model) or cash security (cash model).

Market Data

Exchange rates to various physical currencies are readily available for most major Cryptocurrencies. These rates must be loaded either as prices (securitization model) or FX rates (cash model) in Eagle Accounting.

Security Data

Cryptocurrency SMFs can be set up and maintained in Issue Viewer, Security Reference Manager (SRM), or Reference Data Center (RDC). The lists below capture all required fields.

Securitization Model

Issue Name (961)
Primary Asset ID (14) & Type (1432)
Processing Security Type (3931) = EQCSCS (Common stock)
Price Multiplier (18) = 1.00
Quantity Scale (19) = 1.00
Issue Country (1418)
Asset Currency (85)
Primary Exchange (17)

Cash Model

Issue Name (961)
Ticker (13): enter Cryptocurrency symbol, such as XBT for Bitcoin, XRP for Ripple, etc.
Primary Asset ID (14): locked and concatenated to CASH + Ticker, such as CASHXBT or CASHXRP
Primary Asset ID Type (1432) = CASH
Processing Security Type (3931) = CRCRCR (Currency)
Price Multiplier (18) = 1.00
Quantity Scale (19) = 1.00
Security Type (82) = CRNY (Cash)
Issue Country (1418)
ISO Currency Number (1442): enter a large, unique value such as 9999 because Cryptocurrencies are not official ISO currencies
- You will receive an error on submission if the value is already in use, in which case you step it up or down one digit
Currency Precision (1451): an unofficial list of Cryptocurrency precisions is available on Wikipedia

Cryptocurrency Best Practices