Bitwave, a digital asset finance platform created to manage the intersection of crypto tax, accounting and compliance, has bagged $15m from a Series A.
The round was led by Hack VC and Blockchain Capital. It also saw participation from SignalFire, Valor Equity Partners, Arca, Pulsar Trading, Alumni Ventures Blockchain Fund and Hutt Capital.
Bitwave Institutional is a set of processes, controls, and technology designed to bring trust into the new digital asset financial system.
The company’s platform addresses the complex process, audit, accounting, tax, and reporting needs of sophisticated financial organizations that custody, trade, and use digital assets.
The solution builds directly on Bitwave’s flagship enterprise product, which enables digital asset accounting, tax, bookkeeping, invoicing, and more for businesses, but with additional features such as segregated balance sheet tracking, internal and external system reconciliations, and proof of liability and reserve publishing.
According to Bitwave, the new funding will support the launch of Bitwave Institutional, targeted to custodians, exchanges, financial institutions, wealth managers, and other organizations exposed to the enormous risk, regulatory, and control complexities around holding, managing, and investing users’ digital assets.
Bitwave CEO and co-founder Pat White said, “We are thrilled to work with Hack VC, Blockchain Capital, SignalFire, and our other new investors to drive the next stage of growth for Bitwave.
“Despite an interesting economic environment, Bitwave continues to scale by focusing on the hardest problems in the digital asset economy – the accounting, compliance, and trust building that our industry must adopt as we mature. Bitwave empowers pioneering digital asset accounting teams to seamlessly manage the accounting and compliance needs surrounding digital assets on their balance sheets.”
Amy Kalnoki – co-founder and COO of Bitwave – added, “Enterprise adoption of digital assets is at an inflection point – between recent FASB reports and the friendlier ESG environment after The Merge, companies can finally move to embrace digital assets with the support of their CFO, board, and product teams.
“This funding round provides further evidence of the strength of our technology and speaks to how Bitwave has become a critical piece of infrastructure for businesses that adopt digital assets.”
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