Crypto Payments and Accounting Platform Gilded Acquired by Bitwave
In the midst of the crypto winter, consolidation continues to occur among crypto firms. The latest acquisition in the industry involves payments and accounting platform Gilded being acquired by its competitor, Bitwave. This acquisition is expected to enhance Bitwave’s enterprise solutions, including crypto payments, invoicing features, tax tracking, and bookkeeping tools. As part of the integration, Ken Gaulter, the chief technology officer of Gilded, will join Bitwave’s engineering team. This deal follows Bitwave’s previous acquisition of Multisig Media a few months ago.
The Benefits of Digital Asset Payments
Bitwave sees digital asset payments as a game changer for businesses due to their speed and cost-effectiveness compared to traditional payment rails. According to Pat White, co-founder and CEO of Bitwave, digital asset payments have the potential to transform the hyperconnected economy. The acquisition price has not been disclosed by the companies.
Gilded’s Role in Crypto Solutions
Gilded was founded in 2018 with the goal of helping companies integrate crypto solutions into their financial reporting and accounting processes. The company has over 130 enterprise customers, including crypto startups, nonfungible token marketplaces, decentralized autonomous organizations, miners, and accounting firms. Gilded’s existing client base will continue to use its products while also gaining access to Bitwave’s platform.
Bitwave’s Expansion and Partnerships
Bitwave, founded in 2018 as well, provides crypto accounting and compliance services. In December 2022, the company closed a $15 million Series A funding round to expand its crypto solutions for meeting complex accounting requirements. Hack VC and Blockchain Capital led the funding round. Recently, Bitwave announced a partnership with Deloitte, a Big Four accounting firm, to offer enterprise tools that connect blockchain data to enterprise resource planning systems.
Regulatory Clarity and Increased Monitoring
The acquisition comes shortly after the U.S. Financial Accounting Standards Board approved guidelines for reporting the fair value of cryptocurrencies on balance sheets. Bitwave’s CEO, Pat White, mentioned that there has been increased clarity from both a tax and accounting perspective regarding digital assets. With more transparent rules in place, regulators are expected to closely monitor digital asset dealings.
Hot Take: Crypto Payments as the Future
Bitwave’s acquisition of Gilded further solidifies the belief that crypto payments are the future. With their instant settlement and low fees, financial institutions are starting to recognize the immense opportunities offered by this technology. The integration of Gilded’s platform into Bitwave’s enterprise solutions will provide businesses with enhanced capabilities for crypto payments and financial management. As regulatory frameworks continue to evolve and become more transparent, the adoption of digital asset payments is likely to increase significantly.
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