Bitwave closes $15 million in funding round led by Hack VC and Blockchain Capital
The funds will contribute to the launch of Bitwave Institutional, an accounting and compliance platform for financial services firms using digital assets
SAN FRANCISCO, December 6, 2022–(BUSINESS WIRE)–Bitwave, the first enterprise-focused digital asset financing platform designed to manage the intersection of cryptocurrency tax, accounting and compliance, announced today that it has closed a $15 million Series A funding round led by Hack VC and Blockchain Capital, with participation from SignalFire, Valor Equity Partners, Arca, Pulsar Trading and Alumni Ventures Blockchain Fund.
This press release contains multimedia. See the full release here: https://www.businesswire.com/news/home/20221206005342/en/
Photo by Pat White and Amy Kalnoki co-founders of Bitwave. (Photo: Business Wire)
This funding follows notable market traction with leading digital asset natives and Fortune 500 clients such as OpenSea, Compound and Polygon. The new funding will support the launch of their latest product, Bitwave Institutional, aimed at custodians, exchanges, financial institutions, asset managers and other organizations exposed to the enormous risk, regulatory and control complexity of holding, managing and investing users. digital assets.
Bitwave Institutional is a set of processes, controls and technology designed to bring trust into the new digital asset financial system. It comprehensively addresses the complex processes, auditing, accounting, tax and reporting needs of sophisticated financial organizations that manage, trade and use digital assets. The solution builds directly on Bitwave’s flagship enterprise product, which enables digital asset accounting, tax, bookkeeping, invoicing and more for businesses, but with additional features such as segregated balance tracking, internal and external system reconciliations, and proof of liability and reserve. publication.
Pat White, CEO and co-founder of Bitwave, said: “We are excited to work with Hack VC, Blockchain Capital, SignalFire and our other new investors to drive the next stage of growth for Bitwave. 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 empowers cutting-edge digital asset accounting teams to seamlessly manage accounting and the compliance needs around digital assets on their balance sheet.”
Bitwave’s COO and co-founder Amy Kalnoki added, “Corporate adoption of digital assets is at an inflection point – between recent FASB reports and a friendlier ESG environment following The Merge, companies can finally move to embrace digital assets with the support of their CFO, board and product team. This round of funding provides further evidence of the strength of our technology and speaks to how Bitwave has become a critical part of the infrastructure for businesses adopting digital assets.”
Ed Roman, managing partner at Hack VC, said: “We evaluated the ecosystem of institutional-grade solutions and determined that Bitwave was by far the market leader. We chose them to be the vendor we use for our own digital asset accounting software. Bitwave’s best 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.”
Spencer Bogart, General Partner at Blockchain Capital, said: “As enterprise adoption of crypto and other digital assets continues to grow, Bitwave is positioned to serve as a fundamental part of the on-chain economy. Pat and Amy have a powerful and compelling vision for the company , and Blockchain Capital are excited to support them as they continue to scale the business. We trust their leadership, vision and proven acumen in both enterprise software and digital assets. We believe this team is truly unique in occupying the intersection of leadership of enterprise software, knowledge of digital assets and accounting expertise.”
Wayne Hu, Venture Partner at SignalFire, said: “Bitwave has already achieved exceptional results, with a top-tier customer list, market-leading technology and a talent for execution. We believe their growth has only just begun and they are poised to serve a rapidly growing universe of custodians, financial services firms, businesses and more.” Additional financial terms of the transaction were not disclosed.
Find more information about Bitwave at www.bitwave.io.
For more information on Bitwave Institutional visit www.bitwave.io/institutional.
About Bitwave
Bitwave is the first enterprise-focused digital asset finance platform designed to manage the intersection of tax, accounting and compliance for cryptocurrency, DeFi and NFT. Bitwave is purpose-built to help finance and accounting professionals reduce the challenges of operating digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill pay, financial management and more. Founded in 2018 by tech entrepreneurs Pat White and Amy Kalnoki, the firm is based in San Francisco, CA. To learn more,
visit bitwave.io
See the source version at businesswire.com: https://www.businesswire.com/news/home/20221206005342/en/
Contacts
Chris Clemens
KCD PR
[email protected]
801-824-0032
