Bitwave Acquires Crypto Accounting Platform Gilded – The ongoing crypto winter is driving consolidation within the cryptocurrency industry. The most recent development in this trend is the purchase of the payments and accounting platform Gilded by Bitwave, one of its competitors.
As per a statement reported by Cointelegraph, this acquisition is set to bolster Bitwave’s enterprise offerings, such as crypto payments, invoicing capabilities, tax tracking tools, and bookkeeping solutions. Additionally, as part of the integration, Ken Gaulter, the Chief Technology Officer of Gilded, will become a member of Bitwave’s engineering team. It’s worth noting that this acquisition follows Bitwave’s previous acquisition of Multisig Media just a few months ago.
“We see digital asset payments as faster and cheaper than traditional payment rails — and in this hyperconnected economy, we expect that to be a game changer for businesses,” Pat White, Bitwave’s co-founder and CEO, told a news outlet. The companies did not disclose the acquisition price. Founded in 2018 by a team of developers and accountants, Gilded’s mission centered on aiding businesses in seamlessly incorporating cryptocurrency solutions into their financial reporting and accounting procedures.
According to information available on its Crunchbase profile, Gilded boasts a client base of more than 130 enterprises spanning crypto startups, nonfungible token marketplaces, decentralized autonomous organizations, miners, and accounting firms. While these clients will continue to utilize Gilded’s existing products, they will also have access to Bitwave’s platform. Similarly established in 2018, Bitwave offers crypto accounting and compliance services.
In December 2022, the company successfully concluded a Series A funding round, securing $15 million in funding to expand its crypto solutions and address intricate accounting needs for large enterprises. This funding round was led by Hack VC and Blockchain Capital. Furthermore, Bitwave recently unveiled a collaboration with the prominent Big Four accounting firm Deloitte to provide enterprise tools, including the seamless integration of blockchain data with enterprise resource planning systems.
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“We believe that crypto payments are the future. With instant settlement and incredibly low fees, financial institutions are starting to recognize the massive opportunity afforded by this technology,” added White. This agreement followed closely on the heels of the introduction of fresh regulations by U.S. authorities pertaining to the accounting of digital assets. Specifically, on September 6th, the U.S. Financial Accounting Standards Board gave its approval to directives outlining the manner in which companies should disclose the fair value of cryptocurrencies on their balance sheets.