Bitwave’s Strategic Acquisition
The latest buzz in the crypto realm is the acquisition of Gilded by Bitwave. Yes, you heard that right! As the crypto winter continues to chill the industry, consolidation is the name of the game. This acquisition is set to bolster Bitwave’s suite of enterprise solutions with exciting features like streamlined crypto payments and automated bookkeeping. And it’s not just a simple hand-off; Gilded’s CTO, Ken Gaulter, is hopping aboard Bitwave’s engineering team, bringing his expertise along for the ride.
A Game Changer for Businesses
Pat White, co-founder and CEO of Bitwave, punctuated the announcement with enthusiasm: “We see digital asset payments as faster and cheaper than traditional payment rails—you bet this is going to be a game changer!” It sounds like someone had their morning coffee before making this bold prediction! Though the acquisition price remains a mystery, the implications are crystal clear.
The Gilded Legacy
Founded in 2018, Gilded was built from the ground up by a team of developers and accountants on a mission to integrate crypto solutions into financial reporting. With a roster of over 130 enterprise customers—including crypto startups and even some accounting firms—Gilded’s existing clients will continue enjoying their current services, but with a new twist courtesy of Bitwave.
Bitwave’s Recent Ventures
Bitwave isn’t just sitting on its laurels. Following its acquisition of Gilded, it recently secured $15 million in a Series A funding round, thanks to the backing of Hack VC and Blockchain Capital. They are all about expanding their crypto solutions to tackle the complex accounting needs of enterprises. Plus, their recent partnership with Deloitte indicates they’re aiming for the stars, helping organizations navigate the maze of digital asset management.
New Regulations and What They Mean
Just as Bitwave makes this move, U.S. regulators have unveiled fresh rules pertaining to digital asset accounting. The Financial Accounting Standards Board has approved guidelines that will alter how companies report the fair value of crypto on their balance sheets. Extra clarity on the tax aspects? You bet! As Pat White explained, the IRS has recently shed light on how staking rewards will be taxed—a win for transparency, if you ask us.
