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.