American crypto tax and accounting software provider, Bitwave, revealed it has raised $7.25 million in a recent funding round led by Blockchain Capital with participation from Arca, Nascent and Nima Capital.
The funding will enable Bitwave to improve its software infrastructure while growing its client base. The company also mentioned that the funding will be utilized to hire additional staff, as well as to bolster advertising and outreach operations for consumers.
Founded in 2018, Bitwave is the first software platform designed precisely for companies to bring digital assets onto their balance sheet as well as in their day-to-day business processes. The company provides services like tax tracking, bookkeeping, Defi monitoring, and crypto account management to its clients.
According to Bitwave CEO, Pat White, the platform is used by more than 30 enterprises, including numerous mining firms with more than $10 billion of assets under management.
At present, Bitwave is working in collaboration with leading exchanges like Coinbase and Kraken. DeFi protocols like Uniswap and Sushi. Additionally, all the leading blockchains, tax and accounting platforms such as QuickBooks, Xero, Sage, and Intacct are also listed as the firm’s clients. It is worthy of note that despite having a huge customer base, the firm is looking to onboard new clients in the near future.
Bitwave looks to Drive Multi-Sector Embrace of Crypto
The financial system has become much more private sector-dominated. Financial innovations, like the securitization of digital assets, Defi, have evolved and are being adopted at a very great pace by investors around the world.
Based on this adoption, White said “the nature of finance is evolving, and we’re thrilled to be at the forefront of this revolution.”
While using cryptocurrency to conduct its business, Bitwave has also observed businesses adopting Decentralised Finance, to which the Bitwave CEO believes “Ultimately, Defi will encourage businesses to bypass traditional financial institutions and investment banks and adopt platforms like us.”
Crypto adoption has significantly surged over years. More companies – including firms like AMC Theatres that are not crypto companies – have deep dived into the crypto space. The large-scale adoption of digital assets and blockchain technology has steered a massive inflow of funds, making the global crypto market cap exceed the $2 trillion benchmark.
However, the growth of the nascent industry has significantly drawn the attention of regulators, and they seem to Increase their regulatory scrutiny around the crypto space.
Experts speculate that there is an immense need to streamline crypto management for businesses. Thus companies like Bitwave and TaxBit should come into the game. Reportedly, TaxBit has also completed its Series B funding round, raising a total of $130 million from Investors.