The funding was led by Hack VC and Blockchain Capital, with participation by SignalFire, Valor Equity Partners, Arca, Pulsar Trading, and Alumni Ventures Blockchain Fund. It will support the launch of their newest product, Bitwave Institutional, targeted to custodians, exchanges, financial institutions, wealth managers, and other organizations exposed to the enormous risk, regulatory, and control complexities around holding, managing, and investing users’ digital assets.
Bitwave Institutional is a set of processes, controls, and technology designed to bring trust into the new digital asset financial system. It holistically addresses the process, audit, accounting, tax, and reporting needs of financial organizations that custody, trade, and use digital assets. The solution builds directly on Bitwave’s flagship enterprise product, which helps with digital asset accounting, tax, bookkeeping, invoicing, and more for businesses, but with additional features such as segregated balance sheet tracking, internal and external system reconciliations, and proof of liability and reserve publishing.
While companies like Bitwave are expanding their business, others are doing the opposite. Crypto lending platform Nexo for example says it is ‘phasing out’ the US side of its operations, after unsuccessful talks with regulators.
The move comes after The Consumer Financial Protection Bureau rejected a petition from Nexo to cease an investigation into one of its products after the company argued that only securities regulators hold jurisdiction over it. The company says that several state securities regulators they had been cooperating with for several months blindsided them by filing actions against them without advance notice.
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