Web3 Gaming Studio Shrapnel Chooses Bitwave to Streamline Crypto Accounting Operations
Bitwave helps Shrapnel simplify its financial operations to ensure focus on innovation in the Web3 gaming industry
SAN FRANCISCO, March 20, 2023–(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 is partnering with Shrapnel to help Web3 Gaming Studio streamline its financial operations.
Shrapnel is the first AAA web3 game studio, known for pushing the boundaries of innovation in its industry. Shrapnel’s vision to develop the first competitive multiplayer FPS that allows ownership and portability of player-created content is made possible by the use of blockchain technology. But with the introduction of digital assets, the team was faced with a host of new accounting and compliance complexities.
“At Shrapnel, we believe that a frictionless user experience is a key element to the success of any game – and we strive to bring that same operating model to our internal teams,” said Shrapnel CEO Mark Long. “Our COO chose Bitwave because it is the industry-leading and best-in-class solution for web3 accounting,” said Tina Russell, Shrapnel Finance Controller.
Bitwave helped Shrapnel create a sustainable GAAP accounting process, reducing manual data entry and reducing the risk of errors. Bitwave was also key in helping Shrapnel manage day-to-day financial operations by establishing a solid financial reporting foundation.
“Shrapnel truly understands the value of blockchain-based ownership and interoperability for gaming – and Bitwave is excited to enable these new technologies with a custom, streamlined finance stack,” said Bitwave Co-Founder and COO Amy Kalnoki. “With on-chain game transactions reaching 7.4 billion last year – accounting for nearly 50% of all dapp activity – tomorrow’s game studios are investing in the right tools for their businesses today,” Kalnoki said.
Bitwave’s implementation team worked closely with Shrapnel’s finance team and Head of Blockchain to ensure a successful deployment. “It was a very collaborative process,” says Shrapnel Finance Controller, Tina Russell. The teams worked together to identify all wallets in the chain and their values. They then built an integrated transaction with data from FireBlocks and Coinbase to ensure reporting was consistent between QuickBooks and Bitwave.
“Bitwave makes it easy to see and understand our digital asset holdings – especially when it comes to wallet management,” said Russell.
Today, Bitwave is integrated with over 25 blockchains to support the bookkeeping and accounting needs of enterprise projects – from crypto-native DeFi protocols and GameFi studios to crypto-forward companies exploring on-chain use cases.
Bitwave is also a member of the Blockchain Game Alliance (BGA), a leading voice for the blockchain gaming industry, working to promote and promote its development and growth.
Bitwave is proud to sponsor the Game Developers Conference (GDC), 20-24 March 2023, in San Francisco, California. Bitwave CEO and co-founder Pat White will host a session that dives into the latest on-chain game transaction trends and provides a practical guide to ease the complexities of digital asset accounting.
For more information about Bitwave, please contact [email protected] or visit www.bitwave.io.
For more information about Shrapnel, visit www.shrapnel.com.
About Shrapnel:
Shrapnel, the first AAA web3 game studio, is a Seattle-based organization composed of gaming and blockchain experts that has produced major franchises, won over 40 entertainment awards and reached over 100 million fans. Their vision is to create the first competitive multiplayer FPS that allows players to create, own and trade player-created content. Recently they were awarded “Most Anticipated Game” and “Best Game Trailer” by Web3 Gamer.
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 mitigate the challenges of operating digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill payment, treasury management and more. Founded in 2018 by tech entrepreneurs Pat White and Amy Kalnoki, the firm is based in San Francisco, CA. In 2022, Bitwave received a $15 million Series A funding round backed by Hack VC, Blockchain Capital and Signal Fire to expand its crypto accounting software. To learn more, visit bitwave.io
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Contacts
Jean Natalina
KCD PR
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