In order to manage the confluence of cryptocurrency tax, accounting, and compliance, Bitwave, the first enterprise-focused digital asset finance platform, announced today that it has closed a $15 million Series A fundraising round that was co-led by Hack VC and Blockchain Capital.
Other venture capital firms that took part in the round were. SignalFire, Valor Equity Partners, Arca, Pulsar Trading, and. Alumni. Ventures. Blockchain. Fund, according to a statement from Bitwave.
This funding comes after the company gained impressive market traction with Fortune 500 companies and top digital asset native customers like OpenSea, Compound, and Polygon.
The additional funding will help them launch their newest product, Bitwave Institutional, which is intended for custodians, exchanges, financial institutions, wealth managers, and other businesses exposed to the significant risk, regulatory, and control challenges associated with holding, managing, and investing users’ digital assets.
Pat White, CEO and Co-Founder of the company, stated:
“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 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.
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Harold
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