Following the successful acquisition, Gilded CTO Ken Gaulter will be joining the engineering team at Bitwave to ensure a smooth transition.
Bitwave, a San Francisco-based tech company that focuses on enterprise accounting for the crypto industry, announced a strategic acquisition of Gilded Finance, a leading provider of Web3-focused accounting and financial reporting tools. According to the announcement, the transition will not impact Gilded’s clients as they will still have access to data for now. However, Bitwave noted that any transition plan will be announced beforehand to avoid any inconvenience.
“With this acquisition, Bitwave continues its rapid growth across the financial Web3 financial ecosystem – fostering innovation with security, transparency, and user-focused services,” Bitwave noted in the announcement.
Why the Gilded Acquisition by Bitwave Matters to Web3 Users
The Web3 industry is growing through increased regulatory frameworks around the world. Bitwave, a digital asset finance platform that was founded in 2018, has penetrated the Web3 industry by working with veteran investors in all sectors including Nasdaq, GameStop, OpenSea, Blockdaemon, Artblocks, Ripple, Compound, Polygon, and Ava Labs, among many more.
According to Pat White, Bitwave co-founder, and CEO, the digital asset industry for payments is in the early stages of mainstream adoption, thus making the Gilded acquisition extremely strategic for long-term prosperity. Additionally, Pat noted that Web3 enterprises require a formal means of reporting their accounting amid the new regulatory framework adoption by the taxmen.
“We’ve actually received a surprising amount of clarity on both the tax and accounting side of digital assets. The IRS recently provided a better picture of how staking rewards will be taxed, as well as who meets the definition of a ‘broker,’ and thus, who will be required to send the new 1099-DA forms to customers,” Pat noted.
Having survived the larger part of the crypto bear market that began in late 2021, Bitwave is well-positioned to gain more traction during future bull rallies. Moreover, more investors are entering the web3 industry with more protocols emerging in different blockchains. As a result, the combination of Bitwave and Gilded is expected to obtain more recognition in the market.
BREAKING: Bitwave Acquires @GildedFinance to Solidify Leadership in Web3 Payments Economy! 🌊🌊🌊
— Bitwave 🌊 (@BitwavePlatform) September 14, 2023
Some of the notable Gilded’s products include crypto invoicing, crypto bill pay, crypto mass pay, crypto accounting, compass, and NFTOPS. Notably, Gilded’s products have found significant use cases in DAOs, NFT platforms, Web3-enabled companies, and accounting firms.
On the other hand, Bitwave has a larger portfolio including enabling automated staking for enterprises through real-time rewards tracking.
Notably, Bitwave raised about $7.25 million in its seed funding round in August 2021 led by Blockchain Capital. The funds have significantly helped the company make strategic hirings that have enabled the acquisition of Gilded. As a result, Bitwave is expected to attract more customers in its future funding round.