Bitwave Announces $15 million in Series A Round and New Product: Bitwave Institutional


Bitwave Announces $15 million in Series A Round and New Product: Bitwave Institutional
“Bitwave empowers pioneering digital asset accounting teams to seamlessly manage the accounting and compliance needs surrounding digital assets on their balance sheets.” Pat White, co-founder and CEO, Bitwave
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Bitwave is excited to announce our Series A led by Hack VC and Blockchain Capital – alongside SignalFire, Valor Equity Partners, Arca, Hutt Capital, Pulsar Trading, and Alumni Ventures Blockchain Fund. The funding will fuel the next stage of growth for Bitwave.   

This round follows remarkable market traction with leading digital asset native and Fortune 500 customers such as OpenSea, Compound, and Polygon. One of our new investors, Ed Roman, Managing Partner of Hack VC, commented on our traction saying, “We evaluated the ecosystem of institutional-grade solutions, and determined that Bitwave was by far the market leader. We selected them to be the vendor we use for our own digital asset accounting software. Bitwave’s best-in-class solutions, strong leadership, and impressive growth made this investment a no-brainer for us. We look forward to working with Pat, Amy, and their team to help Bitwave achieve its full potential.”

You can read more about our Series A in our latest press release.  

This exciting announcement also comes at a time when the digital asset industry is at an inflection point, facing more public scrutiny than ever before. That's why the Bitwave team remains focused on enabling digital assets for enterprises. That’s why we are excited to not only announce our funding, but also launch our latest product, Bitwave Institutional, an accounting and compliance platform for Financial Services firms using digital assets.

Bitwave Institutional builds upon our core accounting, tax, bookkeeping, and invoicing product, but adds additional features such as segregated balance sheet tracking, internal and external system reconciliations, and proof of liability and reserve publishing.

Financial institutions need a solution that will give them a complete, accurate, and timely understanding of their financial position. Our new product, Bitwave Institutional, does just that.. It solves the complex process, audit, accounting, tax, and reporting needs of sophisticated financial organizations that custody, trade, and use digital assets. 

When asked about Bitwave, Wayne Hu, Venture Partner at SignalFire, said, “Bitwave has already achieved exceptional results, with a top-tier client roster, market-leading technology and a talent for execution. We believe that their growth is just beginning, and they are poised to serve a rapidly expanding universe of custodians, financial services firms, enterprises, and more.”

Bitwave Institutional is 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.

Custody, Trade, and Use Digital Assets With Confidence 

What Doesn’t Work 

  • Spreadsheets
  • Forced digital asset tracking in an ERP
  • Limited process definition and documentation
  • One-off audit procedures on some, but not all, aspects of the business
  • Undefined or limited definition of internal controls  
  • Teams with limited experience performing financial reporting on digital assets
  • “Proof of ___” in isolation from the overall financial position and reporting context

What Actually Works 

1. Process & Controls

  • Well documented end-to-end digital asset processes, including detailed flow of funds 
  • Operational and financial reporting controls overlaid on digital asset processes like clear ownership, monitoring, and documentation of performance 

2. Technology

  • A robust institutional-grade digital asset finance platform like Bitwave 
  • Clearly documented digital asset technology architecture with a single source of truth

3. Organization and Team Structure

  • A clearly defined operating model with defined responsibilities 
  • Qualified and experienced digital asset professionals 

Bitwave Institutional is a set of processes, controls, and technology designed to bring trust into the new digital asset financial system. It holistically addresses the complex process, audit, accounting, tax, and reporting needs of financial organizations and enterprises.

Key features include:

  • Institutional-grade client asset and liability tracking
  • Complex segregation of coin inventories
  • Internal and external system reconciliations
  • Single-click proof of reserves and proof of liabilities

Contact us today to learn more or schedule a demo.

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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.