The collaboration joins Bitwave's advanced software platform, which streamlines data flow from over 70 blockchains and decentralised finance (DeFi) ecosystems into ERP systems such as Oracle NetSuite and Sage Intacct, with Deloitte's accounting, tax, governance, risk, and controls advisory services. The objective is to deliver increased speed, process efficiency, cost savings, and compliance improvements to businesses utilising digital assets.
According to the official press release, the rapidly evolving and disruptive nature of the digital asset landscape has introduced new data challenges, risks, regulations, and complex compliance requirements. The Deloitte-Bitwave alliance aims to provide clients with a range of digital asset solutions to manage these complexities.
This includes linking blockchain data to ERP systems for near real-time insights, automating accounting processes for faster monthly closings, and simplifying cryptocurrency payments. The alliance also addresses compliance with accounting standards such as Generally Accepted Accounting Principles in the United States (US GAAP) and International Financial Reporting Standards (IFRS), mitigating risk, increasing transparency through enhanced processes and controls, considering tax implications, and navigating global tax compliance requirements.
Representatives from Deloitte commented on Bitwave's sub-ledger offering, emphasising its appeal to both crypto startups and established enterprises. They highlighted the synergy between their skill sets and the unique opportunities it brings to the partnership.
Officials from Bitwave noted that successfully adopting digital assets involves addressing not only technical aspects but also complex organisational challenges. The collaboration with Deloitte enables them to provide comprehensive solutions, setting new industry standards and committing to excellence, efficiency, and compliance.
Officials from the companies also highlighted the alignment between Bitwave's approach and Deloitte's multidisciplinary expertise in blockchain and digital assets while putting a fine point on the value they collectively bring to clients.
Deloitte's multidisciplinary team specialises in advising companies worldwide on blockchain implementation, particularly in the realm of digital assets, including cryptocurrencies and non-fungible tokens (NFTs). With over a decade of experience, Deloitte's ecosystem supports clients in harnessing the potential of blockchain technology.
In August 2023, Deloitte expanded its partnership with NVIDIA aiming to utilise the latter’s AI technology to build generative AI solutions for enterprise software platforms. Through this collaboration, Deloitte aimed to enable generative AI business solutions powered by the full stack of NVIDIA hardware and software, covering each of the major enterprise platforms, and aiming to enhance the value that businesses gain from these systems.
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