Earlier this year, Bitwave announced a partnership and integration with FV Bank– a fully regulated U.S. digital asset bank. Bitwave has partnered with FV Bank to enhance institutional crypto tax and financial reporting, as well as overhaul the bank’s crypto tax and reporting infrastructure.
FV Bank operates across 70+ countries under a “For the Benefit Of” (FBO) custody model, meaning it must track every digital asset at both the institutional level and per individual customer. This dual-layer reporting requirement created a significant compliance challenge: generating accurate, audit-ready books internally while also producing client-facing tax documents (like 1099 forms).
About the FV Bank Partnership
The bank needed a system that could scale for high volumes and strict audit standards without relying on error-prone spreadsheets and manual reconciliations. Bitwave’s enterprise subledger was chosen to address this challenge. By integrating Bitwave’s financial platform, FV Bank automated its dual-layered reporting, linking every on-chain transaction to both the bank’s ledger and each customer’s account.
Bitwave automatically produces client tax forms (e.g,. 1099s) and detailed internal books that meet institutional audit standards. Our rules-driven engine then simplifies the rest of the workflow: it auto-calculates gains and losses for every account and categorizes thousands of crypto transactions in a single click. This eliminated the bank’s fragmented spreadsheets and manual reconciliations, drastically reducing operational overhead.
The results were immediate and measurable. With Bitwave, FV Bank now has accurate, auditable gain/loss data for every client and can deliver both client-facing and internal reports in real time.
The bank’s CEO noted that the platform “pushes the envelope” on reporting efficiency at a global scale.
Overall, the partnership has made FV Bank audit-ready and regulator-friendly; Pat White, Bitwave’s CEO, emphasized that this implementation proves “institutions can lead the way in digital asset transparency and integrity.”
In short, Bitwave transformed FV Bank’s crypto reporting into a streamlined, scalable process – a new institutional benchmark that other neobanks and custodians can emulate.
.
Why Bitwave Excels as an Enterprise Crypto Accounting Platform
- Comprehensive, Audit-Ready Accounting: Bitwave provides end-to-end bookkeeping for digital assets. It automates high-volume crypto transactions with GAAP/IFRS‑compliant reporting, including complex features like impairment and fair-value accounting.
- Its powerful rules engine instantly categorizes and invoices thousands of on-chain transactions, ensuring accurate monthly closes and audit-ready books.
- All-in-One Crypto Finance Suite: More than just accounting, Bitwave unifies tax, compliance, and payment workflows on a single platform. It “automates accounting workflows, enables regulatory compliance, reduces tax burden complexity, and streamlines payments” for global finance teams.
- This means enterprises can handle everything from tax tracking to stablecoin payments without switching systems.
- Extensive Integrations: The platform connects to 80+ blockchains, exchanges, wallets, and DeFi protocols (e.g., Ethereum, Bitcoin, Solana, Avalanche, etc.), plus leading ERPs and accounting systems. For example, Bitwave integrates with QuickBooks, NetSuite, Sage Intacct, Xero, Workday, and more.
- These robust connections ensure seamless data flow from any crypto source into the finance stack.
- Dedicated Data Infrastructure: Bitwave’s integrations are enterprise-grade, built on dedicated nodes and trusted data partners for full coverage of on-chain activity
- Its systems capture every transaction, so “you’ll never miss a critical transaction or balance” even when others fall short.
- Data is synced multiple times per day (rapid automated syncing) to keep ledgers up-to-date in real time.
- Security & Compliance Focus: Bitwave meets strict audit standards (it is SOC 1 and SOC 2 certified, Type I/II) to protect enterprise data.
- These certifications give CFOs and auditors confidence: the SOC reports “validate Bitwave as a trusted source of financial data” and remove audit friction.
- Bitwave is designed to keep finance teams audit-ready and regulator-friendly
- Automated Tax Workflows: The platform handles complex crypto tax reporting at scale. It auto-calculates precise gain/loss figures and tax positions for every asset and account, then generates the necessary tax documents (e.g, 1099s) for clients. This eliminates error-prone spreadsheets and manual computations, ensuring every tax report is accurate and auditable.e
- Scalable for Complex Use Cases: Bitwave was built for institutional scale. In the FV Bank case, it automated the challenging FBO (dual-layered) accounting model used by custodians. More generally, it supports high-throughput needs (from crypto mining to validator nodes) by streamlining month-end closes and ensuring every detail is reconciled, even under massive transaction volume.
- Trusted by Enterprises and Innovators: Bitwave is “battle-tested by Fortune 100 CFOs and CPAs,”
- and used by a diverse set of organizations – from regulated banks like FV Bank to NFT projects (Pudgy Penguins) and crypto-mining firms
- Its customer roster spans Fortune 100 titans down to cutting-edge Web3 startups, demonstrating wide enterprise adoption.
- Industry Recognition: The platform consistently earns top ratings. It’s the only enterprise crypto accounting software named in G2’s Winter 2024 Accounting Grid and has won Momentum and High-Performer awards
- Bitwave also partners with leaders like the AICPA and exchanges, and even developed the industry’s first “Digital Asset Maturity Model” to guide enterprise adoption.
- Customizable & Future-Ready: Bitwave can be tailored to unique enterprise needs. It offers custom data capture points and API integrations so companies can design their workflows. The team actively collaborates with blockchain projects – for example, it won grants with Stellar and ZetaChain – to rapidly integrate new protocols. This means clients get first access to emerging assets (and features like granular lot accounting) while staying fully compliant.
Each of these strengths – from SOC-certified security to broad integration coverage – helps explain why finance leaders consider Bitwave the leading enterprise crypto accounting and tax platform.
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.
