Bitwave, a crypto tax and accounting software provider, has raised $7.25M in seed funding. Blockchain Capital led the funding round along with Nascent, Nima Capital, Arca, and XBTO Humla and returning angel investor Rowan Trollope.
The company intends to use the funds to expand its software capabilities and grow its client base.
White talked about Bitwave’s mission to enable any enterprise, business, non-profit, or even government to work with digital assets. The mission’s to take more direct control over their financial future.
Bitwave brings technology and expertise to enterprises. This allows them to confidently and quickly leverage the new financial platforms to unlock a competitive advantage in their business.
Spencer Bogart, General Partner at Blockchain Capital, said “Bitwave is the first major player in this new billion-dollar market to enable traditional finance groups with digital assets.”
“Ultimately, DeFi will enable businesses to bypass traditional financial institutions and investment banks, and we’re thrilled to be a driving force in this industry.” Said White.
“Bitwave is essential to our cryptocurrency business processes,” said Timothy Rainey, Chief Financial Officer of power generator and cryptocurrency miner Greenidge Generation. “Between their accounting and tax solution, and their deep expertise around digital assets, we’re thrilled to have a partner like Bitwave as we innovate in the power generation industry.”
Also Read: TaxBit managed to raise $130M in its Series B Funding
Enterprise interest in digital assets has come amid the growing consumer adoption of cryptocurrencies.
Bitwave integrates with leading exchangesDeFi protocols, blockchains, and tax and accounting platforms. Their product enables companies to determine the cost basis. It also allows fair market value of cryptocurrency investments in real-time, push that data into their general ledger, monitor thousands of wallets, and more. All of this allows financial officers to stop fearing cryptocurrencies and enable their businesses for the next financial revolution.
