The updates include first-of-its-kind support for Ethereum Virtual Machine (EVM), Solana, and ImmutableX-based non-fungible tokens (NFTs) and a new Advanced Accounting Module with impairment and compliance-ready treatments.
AUSTIN, Texas (PRWEB) June 09, 2022
Bitwave, the first digital asset platform purpose-built to manage the intersection of cryptocurrency tax, accounting, and compliance, today announced an expansive set of product features designed to open up access for a new class of digital assets to Enterprise. The updates include first-of-its-kind support for Ethereum Virtual Machine (EVM), Solana, and ImmutableX-based non-fungible tokens (NFTs) and a new Advanced Accounting Module with impairment and compliance-ready treatments.
“Bitwave’s Advanced Accounting Module is built for organizations focused on robust financial reporting and compliance,” says CEO and co-founder Pat White. “Before Bitwave, impairment testing was a time-intensive, manual process, but our new module empowers organizations to perform fast and accurate impairment testing across their entire digital assets portfolio. In addition, we’ve added new, field-level role-based access control for organizations that need to delineate accounting roles and responsibilities.”
The firm is also boosting three new world-class tax and accounting solutions. The Advanced Tax Module now features SpecID with support for numerous advanced picking strategies, and the Advanced Pricing Module features a robust and configurable rules-based engine to support complex US GAAP pricing requirements and auditability.
Finally, Bitwave’s new Advanced Transaction Processing feature contains advanced roll-up functionality and metadata-based rules to help companies process millions of transactions a day.
“As digital assets become a more important and integral component of an organization’s financials, Bitwave continues to innovate and bring new capabilities beyond tax and accounting,” continues White.
And the updates don’t stop there. Bitwave has added support for over ten new blockchains and exchanges, including Loopring, Polygon, Casper, Flow, Coinbase Prime, Filecoin, Avalanche, and support for the Huobi Eco Chain (HECO) exchange. Finally, support for over 15 new DeFi protocols, including Balancer, Aave, and Uniswap (including the NFT-based UNI-V3), were added to strengthen the platform’s offerings.
“This new functionality fulfills our mission of expanding access to digital assets to enterprise organizations. Along with our increased integrated applications and network of partners, which include service providers like bookkeepers, accountants, or system integrators/implementors, Bitwave continues to be the best-in-class solution of Enterprise,” says White. “And if this wasn’t enough, we also coupled these new features with a new look and feel for the product.”
For more information on Bitwave, please visit Bitwave.io.
Bitwave is a provider of tax and accounting software that is used to track investments in cryptocurrency. The platform is used by C-Suite financial executives who are eager to invest in cryptocurrency but have lacked the proper accounting protocols to do so in the past. By creating the opportunity to make these investments, Bitwave is playing a key role in the Decentralized Finance (DeFi) movement and removing the friction that has traditionally plagued financial services. The firm was founded in 2018 by technology entrepreneurs Pat White and Amy Kalnoki and is based in San Francisco, CA.