Bitwave buys crypto accounting platform Gilded


US-based digital asset financier Bitwave has acquired Gilded to augment accounting and enterprise solutions amid the improving clarity in accounting and tax regulations in the US

US-based digital asset financier Bitwave has acquired Gilded to augment accounting and enterprise solutions amid the improving clarity in accounting and tax regulations in the US. The acquisition is expected to enhance Bitwave’s enterprise solutions, including crypto payments and invoicing features, as well as tools for tax tracking and bookkeeping, as reported by cointelepgraph.com.

Gilded was founded in 2018 by a group of developers and accountants on the premise of helping companies integrate crypto solutions into their financial reporting and accounting processes. Bitwave, also founded in 2018, similarly offers crypto accounting and compliance services. The company closed a USD 15 million Series A funding round in December 2022 to expand its crypto solutions to meet complex accounting requirements for enterprises.

Hack VC and Blockchain Capital led the round. In addition, Bitwave also announced a partnership with Big Four accounting firm Deloitte to offer enterprise tools, such as connecting blockchain data to enterprise resource planning systems. Bitwave’s officials express their view that digital asset payments offer a faster and more cost-effective alternative to traditional payment methods.

They anticipate this shift to have a transformative impact on businesses in a highly interconnected economy and believe that cryptocurrency payments represent the future. The combination of instant settlement and remarkably low transaction fees is leading financial institutions to acknowledge the significant opportunities presented by this technology. The acquisition comes amid new US digital asset accounting rules The deal came shortly after US regulators unveiled new rules for digital assets accounting.

On 6 September 2023, the US Financial Accounting Standards Board approved guidelines on how companies can report the fair value of their cryptocurrencies on balance sheets. Bitwave's representatives added that they have been pleasantly surprised by the level of clarity they have received regarding the taxation and accounting aspects of digital assets. The IRS has recently offered clearer guidelines on the taxation of staking rewards and the definition of a 'broker,' which determines who must issue new 1099-DA forms to customers.

These more transparent regulations are expected to lead to increased regulatory scrutiny of digital asset transactions. .


Sep 15, 2023 13:58
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