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Intro: Bitwave has raised $7.5 million in the seed funding round led by four firms. The company is looking to expand its team of 10 persons through this funding and expansion of advertising and outreach operations.
A crypto tax and accounting firm, Bitwave has raised $7.5 million in a seed funding round which was led by Blockchain Capital, Nascent, Nima Capital. Arca also joined in the funding round later. Bitwave is based in San Francisco.
Biwave was formed in 2018 and gives services like tax, tracking, bookkeeping and cryptocurrency accounting. Bitwave CEO and Co-founder, Pat White, the platform are currently used by more than 30 companies including mining firms Greenidge Generation, Core Scientific’s Blockcap and Elite Mining.
Blockchain is gaining popularity as time passes and as crypto is becoming more mainstream, more companies are taking interest in the crypto industry. Firms like AMC Theatres are also showing interest in crypto and putting their fingers in the Blockchain pie. Presently, the cryptocurrency market is $2 trillion, and it is growing. However, regulatory scrutiny and shifting tax reporting guidelines are also increasing.
Pivotal role in Digital asset business
Bitwave plays a very important role in streamlining digital asset management for businesses. Since there is a growing need for it, there are other companies also and the larger ones like TaxBit are also playing an important role in the streamlining of digital asset businesses to a great extent.
According to White, this funding round will be used to add more staff to the firm. Currently, the firm has a 10-person team, but now the company is looking to expand the team besides expanding its advertising and outreach operations.
White believes that the next two to three years will see massive growth in the Fortune 500 companies. He further said that the firm is going from the crypto-native companies to power generators and people on the front edge of the curve to publicly traded customers. This is the world will going to be. A world where CFOs at Fortune 500 companies are getting serious about crypto. Hence, Bitwave is making it equipped to support that.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
