SAN FRANCISCO, Aug. 12, 2021 /PRNewswire-PRWeb/ -- Bitwave, the
leading provider of enterprise digital asset tax and accounting
software, has today announced a $7.25M seed investment led by Blockchain Capital.
Additional investors include Nascent, Nima Capital, Arca, XBTO
Humla, and returning angel investor Rowan
Trollope. This additional funding will enable Bitwave to
expand its software capabilities and grow its client base.
Financial leaders are beginning to understand the power and
potential cryptocurrency can bring to their businesses, but digital
asset adoption is too often derailed by complex accounting, tax,
and process challenges. Bitwave brings technology and expertise to
enterprises, allowing them to confidently and quickly leverage
these new financial platforms to unlock competitive advantage in
their business.
Founded in 2018, Bitwave is the first software platform built
specifically for businesses to bring digital assets onto their
balance sheet and into their business processes. The company
provides tax tracking, bookkeeping, Decentralized Finance ("DeFi")
monitoring, and cryptocurrency accounts receivable / accounts
payable software, and is currently used by more than 30 enterprises
with over $10 billion of assets being
monitored through their system.
"Digital assets are impacting how business gets done, and this
year has seen the first significant uptick in enterprise adoption
of cryptocurrencies," said Spencer
Bogart, General Partner at Blockchain Capital. "Bitwave is
the first major player in this new billion-dollar market to enable
traditional finance groups with digital assets."
Enterprise interest in digital assets has come amid growing
consumer adoption of cryptocurrencies and has accelerated as
businesses discover the power of blockchains and peer-to-peer
finance. Beyond just using cryptocurrencies to conduct business,
Bitwave is witnessing more and more businesses adopting DeFi. This
marks an accelerating movement of organizations away from
traditional financial products and institutions to self-service
blockchain-based lending, borrowing, trading, and even more complex
financial instruments.
"The very nature of enterprise finance is changing, and we're
excited to be at the forefront of this revolution," said
Pat White, co-founder and CEO of
Bitwave. "Of course, we're honored to work with such an incredible
team of investors who understand how the world is changing and that
new platforms and processes will be required to support
crypto-enabled businesses."
"Bitwave's mission is to enable any enterprise, business,
non-profit, or even government to work with digital assets, and
take more direct control over their financial future," stated
White. "Ultimately, DeFi will enable businesses to bypass
traditional financial institutions and investment banks, and we're
thrilled to be a driving force in this industry."
"Bitwave is essential to our cryptocurrency business processes,"
said Timothy Rainey, Chief Financial
Officer of power generator and cryptocurrency miner Greenidge
Generation. "Between their accounting and tax solution, and their
deep expertise around digital assets, we're thrilled to have a
partner like Bitwave as we innovate in the power generation
industry."
Bitwave integrates with leading exchanges such as Coinbase and
Kraken, DeFi protocols like Uniswap and Sushi, all the leading
blockchains, and tax and accounting platforms such as QuickBooks,
Xero, Sage Intacct, and Netsuite. Their product enables companies
to determine the cost basis and fair market value of cryptocurrency
investments in real-time, push that data into their general ledger,
monitor thousands of wallets, and more. All of this allows
financial officers to stop fearing cryptocurrencies and enable
their businesses for the next financial revolution.
To learn more about Bitwave, please visit
http://www.bitwave.io.
About Bitwave
Bitwave is a provider of tax and accounting software for businesses
that use digital assets, empowering C-Suite financial executives
who are eager to adopt cryptocurrency but have lacked the proper
accounting solutions to do so in the past. By enabling these
back-office processes, and upskilling bookkeepers to work with
cryptocurrencies, Bitwave is playing a key role in the adoption of
digital assets by enterprises and the movement toward a more
self-empowered, less centralized financial future. The firm was
founded in 2018 by technology entrepreneurs Pat White and Amy
Kalnoki and is based in San
Francisco, CA.
Media Contact
Alex Bae, Bitwave, 619-955-7759,
bitwave@kcdpr.com
SOURCE Bitwave