Recent developments highlight an unfolding reality where cryptocurrencies are progressively woven into the enterprise systems of modern businesses. Bitwave’s acquisition of fellow crypto accounting platform, Gilded, underscores one such example. This fascinating union, announced by Bitwave, not only brings together the enterprise solutions of both firms but merges their prowess in crypto payments, invoicing, tax tracking, and bookkeeping.
Bitwave’s move, viewed from several angles, could be seen as a strategic maneuver to bolster its strength against the backdrop of increasing demands for cryptocentric accounting and enterprise solutions. On one hand, the acquisition introduces Gilded’s primary offering – its expertise in aiding companies in integrating crypto solutions into their financial processes. This allows for a stronger foundation merging with Bitwave’s established suite of crypto accounting and compliance services.
Meanwhile, at an industry-wide level, Bitwave’s timing is extremely interesting considering the wider context of US regulations surrounding digital assets. The US Financial Accounting Standards Board (FASB) recently approved new rules for digital assets accounting. This, coupled with increased tax and accounting clarity around digital assets, may tip the scales of this market.
Nevertheless, the unfolding circumstances beg the question of how ready businesses are to fully embrace these disruptions. Over the years, the crypto ecosystem has had its fair share of moments marred by skepticism over its capacity to operate seamlessly within traditional financial structures. Furthermore, with more transparent rules morphing into existence, regulators are expected to keep a keen eye on digital asset transactions, increasing the need for organizations like Bitwave to navigate this shifting landscape unscathed.
As such, although cryptos are gaining meaningful traction in transforming enterprise systems, potential pitfalls and uncertainties remain. Therefore, any growth in this space should be followed keenly to understand the true impact of these strides. However, as Pat White, Bitwave’s co-founder, optimistically puts it, “we believe that crypto payments are the future.” It remains to be seen whether the future, and especially the community of BTC, ETH, and other cryptocurrencies, is ready to embrace them as well.
Source: Cointelegraph
