If the concept of cryptocurrency is still confusing, understanding how it’s taxed is a long shot. Looking to assist the financial companies that manage these types of digital assets, Bitwave secured a $15 million Series A funding round to launch its accounting and compliance solution.
Backed by Hack VC and Blockchain Capital, Bitwave develops enterprise finance solutions to help companies manage the complexities of cryptocurrency tax, accounting and compliance for things like decentralized finance and NFTs. Its software offers tools for bookkeeping, bill pay, treasury management and more.
Bitwave’s latest round comes in time for a potential growth spurt within its industry. Companies are more likely these days to adopt solutions like Bitwave’s amid recent proposals from the Financial Accounting Standards Board that would require businesses to disclose more information regarding their income taxes, according to Amy Kalnoki, Bitwave’s co-founder and COO.
“Enterprise adoption of digital assets is at an inflection point…companies can finally move to embrace digital assets with the support of their CFO, board and product teams,” Kalnoki said in a statement. “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.”
Bitwave was created to help lessen challenges for finance and accounting teams that custody, trade and use digital assets. The company serves a number of customers, including Fortune 500 companies OpenSea, Compound and Polygon.
As it grows, the company’s upcoming product, Bitwave Institutional, will build upon its existing offering and provide wealth managers, exchanges and other businesses with solutions for holding, managing, and investing their users’ digital assets. Bitwave Institutional is a set of processes, controls and tech designed to incorporate trust into the digital asset financial system.
“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,” Pat White, CEO and co-founder of Bitwave, said in a statement. “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 is currently hiring new talent across a range of departments. Open roles span its engineering, marketing, product and sales teams.
