Bitwave, a commercial digital asset tax and accounting software service producer has raised $7.25 million in a seed round headed by Blockchain Capital. Other investors are nascent, Nima Capital, Arca, XBTO Humla, and Rowan Trollope, a returning angel investor. Bitwave will be able to increase its software capabilities and extend its client base with this new cash.
Financial experts are starting to see the value and promise of bitcoin, but adoption is sometimes hampered by complex accounting, tax, and procedure issues. Bitwave provides organizations with the technology and knowledge they need to confidently and swiftly exploit these new financial platforms to gain a competitive advantage in their industry.
Bitwave, founded in 2018, is the first software platform designed exclusively for businesses to integrate digital assets into their balance sheets and business operations. The company aids in tax tracking, bookkeeping, Decentralized Finance monitoring, and cryptocurrency accounts receivable / accounts payable software. Over 30 businesses now use it with over $10 billion in assets under management.
According to Spencer Bogart, General Partner at Blockchain Capital, digital assets are changing the way businesses are conducted, with this year seeing the first significant increase in enterprise adoption of cryptocurrencies. He believes Bitwave is the first big player in this new billion-dollar sector that allows traditional banking companies to use digital assets.
Interest from enterprises in digital assets has intensified as corporations realize the value of blockchains and peer-to-peer finance, which has coincided with the rising consumer use of cryptocurrencies. Beyond simply transacting business with bitcoins, Bitwave sees an increasing number of enterprises use DeFi.
The whole nature of enterprise finance is changing, according to Pat White, co-founder and CEO of Bitwave and they’re eager to be at the vanguard of this transformation. White further added that they’re thrilled to work with such a talented group of investors that understand how the world is changing and that new platforms and processes will be needed to support crypto-enabled enterprises.
According to Timothy Rainey, CFO of Greenidge Generation, a power generator and cryptocurrency miner, Bitwave is critical to their bitcoin business procedures. Rainey believes Bitwave is a great partner as they develop in the power generation industry because of their accounting and tax solution and their extensive understanding of digital assets.
Bitwave works with popular exchanges like Coinbase and Kraken, DeFi protocols like Uniswap and Sushi, major blockchains, tax and accounting applications like QuickBooks, Xero, etc. Sage Intacct, and Netsuite. Companies can use their software to establish the cost basis and fair market value of bitcoin investments in real-time, put that information into their general ledger, and monitor hundreds of wallets, among other things. All of this enables financial officers to abandon their fears of cryptocurrencies and prepare their companies for the next economic revolution.
Bitwave is a tax and accounting software supplier for firms that employ digital assets, empowering C-Suite finance executives who want to use bitcoin but haven’t been able to do so in the past due to a lack of adequate accounting solutions.
Visit http://www.bitwave.io to discover more about Bitwave