" class="no-js "lang="en-US"> Bitwave Closes $15 Million Series A Funding Round Led by Hack VC and Blockchain Capital
Sunday, February 05, 2023
Saltedge Report

Bitwave Closes $15 Million Series A Funding Round Led by Hack VC and Blockchain Capital

Bitwave, the first enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, today announced that it has closed a $15 million Series A funding round led by Hack VC and Blockchain Capital, with participation by SignalFire, Valor Equity Partners, Arca, Pulsar Trading, and Alumni Ventures Blockchain Fund.

This funding follows remarkable market traction with leading digital asset native and Fortune 500 customers such as OpenSea, Compound, and Polygon. The new funding will support the launch of their newest product, Bitwave Institutional, targeted to custodians, exchanges, financial institutions, wealth managers, and other organizations exposed to the enormous risk, regulatory, and control complexities around 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 holistically addresses the complex process, audit, accounting, tax, and reporting needs of sophisticated financial organizations that custody, 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 sheet tracking, internal and external system reconciliations, and proof of liability and reserve publishing.

Pat White, CEO and Co-Founder of Bitwave, said, “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. 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 pioneering digital asset accounting teams to seamlessly manage the accounting and compliance needs surrounding digital assets on their balance sheets.”

Bitwave’s COO and Co-Founder Amy Kalnoki added, “Enterprise adoption of digital assets is at an inflection point – between recent FASB reports and a friendlier ESG environment after The Merge, companies can finally move to embrace digital assets with the support of their CFO, board, and product teams. 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.”

Ed Roman, Managing Partner of Hack VC, said, “We evaluated the ecosystem of institutional-grade solutions, and determined that Bitwave was by far the market leader. We selected them to be the vendor we use for our own digital asset accounting software. Bitwave’s 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 foundational piece of the on-chain economy. Pat and Amy have a powerful and compelling vision for the company, and Blockchain Capital is pleased to support them as they continue to scale the business. We trust in 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 enterprise software leadership, digital assets knowledge and accounting expertise.”

Wayne Hu, Venture Partner at SignalFire, said, “Bitwave has already achieved exceptional results, with a top-tier client roster, market-leading technology and a talent for execution. We believe that their growth is just beginning, and they are poised to serve a rapidly expanding universe of custodians, financial services firms, enterprises, and more.” Additional financial terms of the transaction were not disclosed.

People In This Post

Companies In This Post

  1. Chris Baker Named Chief Strategic Officer at POSaBIT Read more
  2. Fintech Job Cuts: An Analysis of the Impact on the Industry Read more
  3. Wolters Kluwer’s CCH® Tagetik expert solution recognized by Nucleus Research Read more
  4. Court of Appeal Rules in First Case Over Developers’ Duty of Care to Crypto Asset Owners Read more
  5. Vancity’s Visa credit cards are counting carbon footprints with ecolytiq Read more
Banking Renaissance Sidebar (1)