Bitwave, a provider of crypto taxation and accounting software, raised $ 7.25 million in a seed funding round led by Blockchain Capital. Nascent, Nima Capital and Arca have also joined us.
The San Francisco-based company, founded in 2018, provides services such as tax tracking, bookkeeping, and cryptocurrency accounting. According to Pat White, CEO and co-founder of Bitwave, the platform is currently used by more than 30 companies, including mining companies Greenidge Generation, Blockcap from Core Scientific and Elite Mining.
As crypto goes mainstream, more and more companies – including companies like AMC Theaters that aren’t crypto companies – are getting their hands on the blockchain pie. The $ 2 trillion cryptocurrency market is growing, and with it, changing regulatory oversight and tax reporting guidelines.
There is a growing need for streamlined digital asset management for businesses, which is where companies like Bitwave and one of its biggest competitors, TaxBit, come in.
White of Bitwave told CoinDesk that the fundraising cycle would be used to add staff to the company’s 10-person team, as well as to expand its advertising and outreach operations.
“The next two to three years will be spent with Fortune 500 companies,” White told CoinDesk. “We are moving from crypto-native companies, power producers and people at the forefront of the curve to publicly traded customers.” He went on to add:
“This is the world we see – a world where CFOs at Fortune 500 companies take crypto seriously. For us, this is really exciting, so we are positioning ourselves to support that.
