SAN FRANCISCO--(BUSINESS WIRE)--Bitwave, the first enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, announced today that it is working with Shrapnel to help the Web3 Gaming Studio streamline its financial operations.
Shrapnel is the first AAA web3 gaming studio, known for pushing the boundaries of innovation in their industry. Shrapnel's vision to develop the first competitive, multiplayer FPS that allows ownership and transferability of Player-Created Content, is made possible with the use of blockchain technology. But, with the introduction of digital assets, the team was faced with a number of new accounting and compliance complexities.
“At Shrapnel, we believe that a frictionless user experience is a key element of success for any game – and we try to bring that same operational model to our internal teams,” said Shrapnel CEO Mark Long. “Our COO chose Bitwave because it is the industry leader and best-in-class solution for web3 accounting,” said Tina Russell, Shrapnel Finance Controller.
Bitwave helped Shrapnel create a sustainable GAAP accounting process, reduced manual data entry, and mitigated the risk of error. Bitwave was also key to helping Shrapnel manage its day-to-day financial operations by establishing a solid fiscal reporting foundation.
“Shrapnel truly understands the value of blockchain-based ownership and interoperability for gaming – and Bitwave is thrilled to enable these new technologies with a custom, streamlined finance stack,” said Bitwave Co-Founder and COO Amy Kalnoki. “With on-chain game transactions reaching 7.4 billion last year – and accounting for almost 50% of all dapp activity – the game studios of tomorrow are investing in the right tools for their businesses today,” said Kalnoki.
Bitwave’s implementation team worked closely with Shrapnel's finance team and Head of Blockchain to ensure a successful deployment. “It was a highly collaborative process,” says Shrapnel Finance Controller, Tina Russell. The teams worked together to identify all on-chain wallets and their values. Then, they built an integrated transaction with data from FireBlocks and Coinbase to ensure reporting was consistent between QuickBooks and Bitwave.
“Bitwave makes it easy to view and understand our digital asset inventories – especially when it comes to wallet management,” said Russell.
Today, Bitwave is integrated with over 25 blockchains to support the bookkeeping and accounting needs of enterprise projects – from crypto-native DeFi protocols and GameFi studios to crypto-forward companies exploring on-chain use cases.
Bitwave is also a member of the Blockchain Game Alliance (BGA), a leading voice for the blockchain gaming industry, working to advance and promote its development and growth.
Bitwave is proud to sponsor the Game Developers Conference (GDC), March 20-24, 2023, in San Francisco, California. Bitwave CEO and Co-Founder Pat White will be hosting a session that dives into the latest on-chain game transaction trends and provides a practical guide for easing the complexity of digital asset accounting.
For more information on Bitwave, please contact info@bitwave.io or visit www.bitwave.io.
For further details about Shrapnel, visit www.shrapnel.com.
About Shrapnel:
Shrapnel, the first AAA web3 gaming studio, is a Seattle-based organization composed of gaming and blockchain experts that have produced major franchises, won over 40 entertainment awards, and reached over 100 million fans. Their vision is to create the first competitive multiplayer FPS that allows players to create, own, and trade their Player-Created Content. Recently, they were awarded "Most Anticipated Game" and "Best Game Trailer" by Web3 Gamer.
About Bitwave:
Bitwave is the first enterprise-focused digital asset finance platform designed to manage the intersection of tax, accounting, and compliance for cryptocurrency, DeFi, and NFTs. Bitwave is purpose-built to help finance and accounting professionals mitigate the challenges of operating with digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill pay, treasury management, and more. The firm was founded in 2018 by technology entrepreneurs Pat White and Amy Kalnoki and is based in San Francisco, CA. In 2022, Bitwave received a $15M Series A funding raise backed by Hack VC, Blockchain Capital, and Signal Fire to expand its crypto accounting software. To learn more, visit bitwave.io
