Since its launch on the Ethereum mainnet in August 2021, Arbitrum has seen incredible growth in the web3 ecosystem.
With more than 525 projects using Arbitrum's network today (MightyBlock), Arbitrum is a leading Ethereum scaling technology and the only EVM scaling solution with fully working proofs to derive security directly from Ethereum itself.
Bitwave is proud to continue investing strong engineering resources to support Arbitrum’s mission to scale Web3 with faster speeds, lower costs, and strong security.
And we’re just getting started.
Bitwave + Arbitrum: Accelerating the Industry
BItwave is proud to support the Arbitrum ecosystem as the ONLY tax, accounting and finance provider with strong, native integrations to both Arbitrum One and Arbitrum Nova. (Find us in the official Arbitrum portal!)
Today, the leading dapps and projects built on these scaling systems can confidently track, manage, and account for their entire on-chain financial activity with just a few simple clicks – all powered by our modern, connected platform. Our audit-ready integrations with today's advanced ERP systems - like Quickbooks, NetSuite, Sage, Xero and others - empower financial teams with enterprise-grade connections designed to grow with their business.
These integrations enable Web3 finance teams to make faster, data-driven decisions for their business with enhanced visibility for their on-chain activities. Bitwave delivers enterprise-grade data connections to the blockchains you use today.
Top Arbitrum Projects Use Bitwave
Art Blocks + Bitwave's NFT Module
The innovative team at Art Blocks - known for bringing compelling works of generative digital art to life - uses Bitwave to save several hours of time each month spent manually downloading transaction data from EtherScan and recompiling them into spreadsheets. Bitwave’s all-in-one NFT Accounting module combines with Arbitrum’s highly cost-efficient L2 blockchain.
Before Bitwave, Art Blocks needed a solution to easily ingest disparate revenue streams and categorize them into their accounting system for revenue recognition, reconciliation, and gain loss tracking.
And they needed it fast.
“In just a click of a button, all my transactions are moved from Bitwave to QuickBooks. The process is that seamless,” said Art Blocks’ Corporate Controller, Kate Venturina.
With Bitwave, one-click revenue recognition and reconciliation is possible for all Arbitrum transactions.
This battle-tested L2 chain from Arbitrum is decentralized and permissionless, deriving security from Ethereum – while leveling up what it can do. Originally launched by the Offchain Labs team in August 2021, Arbitrum Rollup allows developers to migrate smart contracts from Ethereum to L2 with minimal or no modifications. With a diverse ecosystem of projects from across the web3 ecosystem, Arbitrum One allows developers to leverage Rollups to enable the next generation of applications.
The flagship AnyTrust chain from Arbitrum leverages a trust-minimized Data Availability Committee (DAC) to securely scale applications that need both high security and ultra-low costs. By using a DAC to keep data off-chain, Arbitrum AnyTrust can provide a new level of cost-efficiency for web3 projects. Arbitrum AnyTrust empowers builders across a range of web3 applications – including web3 gaming, social, and NFT projects – with a highly advanced scaling technology.
Ready, Set, Scale!
Getting Started With Arbitrum One and Arbitrum Nova on Bitwave
If you're building on Arbitrum today, just add a new data source within the Bitwave to find these integrations in a snap.
Not a Bitwave customer? Contact us for a free demo to see how our automation software and process expertise save financial teams time and money.
And, stay tuned for more updates, innovations, and ways to thrive in the Arbitrum ecosystem!
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.