Bitwave has bought the payments and accounting platform Gilded. The acquisition is anticipated to improve Bitwave’s enterprise solutions, which already include features for crypto payments and invoicing as well as tax tracking and bookkeeping software.
Ken Gaulter, chief technology officer of Gilded, will also join Bitwave’s technical team as a result of the acquisition. Only a few months had passed since Bitwave purchased Multisig Media before this acquisition.
In a note to a popular media house, Pat White, Bitwave’s co-founder and CEO, said:
“We see digital asset payments as faster as and cheaper than traditional payment rails— and in this hyperconnected economy, we expect that to be a game changer for businesses.”
Gilded operations
Gilded was established in 2018 by a group of developers and accountants. It was established with the intention of assisting businesses with the integration of crypto solutions into their accounting and financial reporting procedures.
Gilded has over 130 enterprise clients, including mining companies, non-fungible token exchanges, decentralized autonomous organizations, and accountancy firms, according to its Crunchbase profile. The clientele of Gilded will use Bitwave’s platform in addition to its currently available products.
Expansion of Bitwave
Bitwave completed a $15 million Series A investment round in December 2022 to grow its cryptocurrency solutions and cater to the intricate accounting needs of businesses. The financing was spearheaded by Blockchain Capital and Hack VC. Additionally, Deloitte, one of the Big Four accounting firms, and Bitwave recently announced a cooperation to provide business capabilities including linking blockchain data to ERP systems.
Deloitte is thrilled to announce a groundbreaking alliance with @BitwavePlatform to help organizations managing the complexities of digital assets #blockchain #crypto #DeloitteBDA https://t.co/Sf1fxrkXdQ pic.twitter.com/RisEj3VisG
— Deloitte US (@DeloitteUS) September 12, 2023
Acknowledging Gilded’s acquisition, White added that they “believe that crypto payments are the future. With instant settlement and incredibly low fees, financial institutions are starting to recognize the massive opportunity afforded by this technology.”
The agreement was reached soon after new accounting guidelines for digital assets were published by US regulators. The US Financial Accounting Standards Board approved recommendations on September 6 regarding how businesses should disclose the fair value of their cryptocurrencies on balance sheets.
