The crypto accounting and compliance platform Bitwave today announced that it has closed a $15 million Series A led by Hack VC and Blockchain Capital, with participation from other funds including SignalFire.
Bitwave co-founders Pat White and Amy Kalnoki told Fortune that the funding will help develop Bitwave Institutional, a new product targeted at enterprise customers with complex accounting needs, such as custodians and exchanges.
The funding round comes amid an industry-wide discussion over transparency, with many calling for companies to release proof of reserves, liabilities, and undergo complete third-party audits, which are all processes that Bitwave helps to facilitate.
With Bitwave, he argued that companies could develop that system of processes and controls. The company currently counts major crypto companies from OpenSea to Anchorage as clients and hopes to develop Bitwave Institutional to be able to service a greater variety of firms.
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