Bitwave has acquired the payments and accounting platform, Gilded. This acquisition comes amid increasing clarity on accounting and tax regulations in the United States, marking a significant step forward in the crypto industry’s consolidation during the ongoing crypto winter.
Enhancing Enterprise Solutions
Bitwave’s acquisition of Gilded is set to bring about significant enhancements to its enterprise offerings. The integrated platform will now feature robust crypto payment and invoicing capabilities, as well as comprehensive tools for tax tracking and bookkeeping.
As part of the merger, Ken Gaulter, the Chief Technology Officer of Gilded, will join Bitwave’s engineering team, further bolstering their technical capabilities. Notably, this acquisition follows Bitwave’s recent purchase of Multisig Media.
A Paradigm Shift in Payments and Gilded’s Proven Track Record
Bitwave’s Co-founder and CEO, Pat White, expressed their vision, stating,
“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.”
While the specific acquisition price remains undisclosed, it underscores Bitwave’s commitment to innovating the digital payment landscape.
Founded in 2018, Gilded has successfully assisted numerous enterprises in seamlessly integrating crypto solutions into their financial reporting and accounting processes. With over 130 enterprise clients spanning crypto startups, nonfungible token marketplaces, decentralized autonomous organizations, miners, and accounting firms, Gilded has established itself as a trusted name in the industry.
Importantly, Gilded’s existing clientele will continue to access their products while gaining access to Bitwave’s platform.
Bitwave’s Growth Trajectory
Bitwave, founded in 2018, shares a similar focus on crypto accounting and compliance services. Their recent Series A funding round, which closed at $15 million in December 2022, reflects their dedication to expanding their crypto solutions to meet the intricate accounting requirements of enterprises. The funding round was led by Hack VC and Blockchain Capital.
Additionally, Bitwave recently unveiled a partnership with the prestigious Big Four accounting firm, Deloitte. This is to provide enterprise tools that seamlessly connect blockchain data to enterprise resource planning systems.
White further emphasized the transformative potential of crypto payments, saying,
“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.”
Regulatory Clarity Paves the Way
This acquisition coincides with the release of new regulatory guidelines for digital assets accounting in the United States. On September 6th, the U.S. Financial Accounting Standards Board approved guidelines on reporting the fair value of cryptocurrencies on balance sheets. White commented on the increased regulatory clarity, stating,
“We’ve actually received a surprising amount of clarity on both the tax and accounting side of digital assets.”
He noted the IRS’s recent clarification on taxing staking rewards and the definition of a ‘broker.’ This clarity is expected to result in heightened scrutiny of digital asset transactions by regulators, further solidifying the importance of robust accounting solutions in the crypto industry.
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