Bitwave Raises $15M in Series A

Bitwave, a San Francisco, CA-based provider of an enterprise-focused digital asset finance platform, raised $15M in Series A funding.

The round was led by Hack VC and Blockchain Capital, with participation from SignalFire, Valor Equity Partners, Arca, Pulsar Trading, and Alumni Ventures Blockchain Fund.

The company intends to use the funds to support the launch of their newest product, Bitwave Institutional, targeted to custodians, exchanges, financial institutions, wealth managers, and other organizations exposed to the risk, regulatory, and control complexities around holding, managing, and investing users’ digital assets.

Led by CEO Pat White and COO Amy Kalnoki, Bitwave provides an enterprise-focused digital asset finance platform designed to manage tax, accounting, and compliance for cryptocurrency, DeFi, and NFTs. The company is purpose-built to help finance and accounting professionals mitigate the challenges of operating with digital assets with functionality, including everything from bookkeeping to AR/AP, bill pay, treasury management.

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.

This funding follows market traction with leading digital asset native and Fortune 500 customers such as OpenSea, Compound, and Polygon.