Stellar Community Fund

By Bitwave

Bitwave Stellar Integration

SCF #24

$50.0K

Legacy v5.0 Activation Award

Awarded

Bitwave is a digital asset finance platform designed to manage the intersection of digital asset accounting, tax, and compliance.

Products & Services

Bitwave has developed a solution to bridge on-chain data and legacy financial and accounting software. This integration is crucial for enterprise adoption and compliance operations within the Stellar ecosystem by ensuring they can manage their transactions efficiently, accurately, and thoroughly comply with regulatory standards. Bitwave provides finance teams with enterprise-grade software through:

Traditional ERP Integrations:

Problem: Traditional ERP systems aren't designed to handle complex digital asset transactions, which can lead to a disconnect between blockchain activities and standard financial operations.

Solution: Bitwave offers a solution to integrate and seamlessly transfer Stellar on-chain transaction data into ERP systems such as Netsuite, Quickbooks, Xero, Sage, and more. These integrations include automated data syncs, which ensure that digital asset transactions are accurately reflected in the company's financial ledger. It provides real-time visibility and control over digital assets, enabling efficient and accurate financial management.

High-Volume Transaction Capabilities:

Problem: As businesses scale, they encounter difficulties managing increasing digital asset transactions in spreadsheets.

Solution: Bitwave scales with unmatched capabilities to organize and automate high-volume transaction data. This allows businesses to manage their growth without being overwhelmed by the administrative burden of processing and categorizing each transaction.

Regulatory Compliance:

Problem: Navigating the complex landscape of financial regulations such as IFRS, GAAP, and FASB is a significant challenge, especially involving digital assets.

Solution: Bitwave enables audit-proven reporting capabilities. By automating compliance reporting, Bitwave helps global enterprises easily adhere to accounting standards and regulatory requirements. Bitwave & Deloitte Strategic Alliance: Bitwave's platform, combined with Deloitte's comprehensive expertise in regulatory compliance, auditing, and financial advisory, ensures that enterprises building on Stellar can not only interact with DeFi but also adhere to the evolving landscape of global financial regulations.

Cross-Border Payments:

Problem: Accounting for FX conversion and cross-border payments is often complex and costly for businesses. Fluctuations in exchange rates can significantly impact costs, and traditional banking systems often involve slow and expensive transaction processes.

Solution: Bitwave addresses the accounting complexities of digital assets, FX conversions, and cross-border payments. Our platform provides enterprises with a solution that streamlines these processes and allows them to use the Stellar blockchain compliantly.

Audience & Benefits:

CFOs and Finance Teams: Streamlined digital asset management is time-consuming, enabling them to focus on strategic treasury management rather than getting bogged down in transactional details. Confidence in maintaining compliant books and records, ensuring the accuracy of financial reporting, and trust in their financial operations.

Accountants, bookkeepers, and Auditors: Bitwave Certified Users: Accountants have access to detailed transaction histories and valuation records, which aid in conducting thorough and accurate financial reviews. Projects benefit from a simplified audit process by having a single source of truth for digital asset transactions.

Fortune 100 Enterprises to Early-Stage Startups Managing Digital Assets - 300+ institutional clients: Enterprises trusting Bitwave include top brands in Web2 and Web3, such as Coinbase, OpenSea, YugaLabs, Hedera, ArtBlocks, Figment, Compound, Stardust, Shrapnel, Joyride Games, and NEAR Foundation. Operational efficiency and the ability to handle high volumes of transactions without increasing their administrative burden. Clarity in financial reporting, improved decision-making, and the ability to adopt a proactive approach to asset management. Integration of digital assets transactions into their legacy ERP solutions.

Bitwave Products:

Accounting Module: Bitwave tracks every digital asset transaction supports a powerful rules engine for matching and an easy-to-use interface for manual coding using your chart of accounts, and syncs this info into your accounting system. Bitwave offers highly configurable methods to record cost basis and exchange rates so you can easily account for the changes in the value of your digital assets. Our platform also syncs mark-to-market adjustments to mark the current value of holdings and gives you a clear view of your crypto and non-crypto assets from your accounting system.

Tax Module: Bitwave comprehensively tracks digital asset tax liabilities on an ongoing basis. Bitwave tracks the cost basis of every transaction and calculates the gains and losses for both short-term and long-term capital gains. Plus, Bitwave allows you to select the best crypto tax strategy for your business goals (FIFO, LIFO, Cost Averaging, Spec ID, HIFO, Custom).

Advanced Transaction Processing Module: Bitwave allows clients to roll up blockchain transactions into a single transaction within a desired timeframe (1h, 1d, epoch). This feature eliminates the need for individual journal entries for every single transaction and saves clients hours of categorization time. Highly recommended for clients with high volumes >200 transactions per day.

DeFi Module: Bitwave has industry-leading support for sophisticated DeFi activities such as staking, liquidity pools, lending pools, and yield farming, including various tax treatment options for liquidity pools and vaults, plus DeFi ROI monitoring and reporting. The DeFi module also allows for configurable treatments, such as on or off-balance sheet treatment.

Advanced Pricing Module: Bitwave allows clients to set custom pricing, including principal market sourcing, pricing cadence (e.g., EoD, 5m, 15m), pricing rules (e.g., Stablecoin = $1), pricing fallbacks, and overrides. Without this module, clients are defaulted to Bitwave's standard pricing, which utilizes CryptoCompare hourly close pricing.

Advanced Accounting Module: The Advanced Accounting module lets users easily create and maintain multiple accounting and tax book inventory views. This module also includes the ability to automatically test for impairment for digital assets on a lot-by-lot-basis, ensuring accurate carrying values. Bitwave’s comprehensive reporting ensures you’ll always know which assets were impaired when impairment occurred and what values were used to calculate impairment.

Data Warehouse: Bitwave allows clients to access their data through data tables in Big Query. The data would include the client's transactions, categorizations, and all other organization information typically available through the Bitwave App. Additionally, the non-rolled-up data can be accessed through the data tables if the client has rolled-up transaction data.

Bitwave Payments: Bitwave Payments module enables users to pay vendor invoices with digital assets (e.g., USDC, ETH, BTC) using either a custodian or self-custodial wallet. The Payments module includes additional capabilities, such as vendor onboarding, vendor wallet address management, automatic sync with ERP, payment approval workflows, and user-based access controls. Bitwave Integrates with Coinbase Prime: We have partnered with Coinbase to provide enterprises with a B2B crypto-payment solution, allowing finance teams to initiate, send, and track crypto transactions seamlessly.