Deloitte, together Bitwave, an accounting platform for digital assets, have announced their new strategic alliance.
The alliance brings together Bitwave’s cutting-edge software platform, which automates the flow of data from more than 70 blockchains and Decentralised Finance (DeFi) ecosystems into ERP systems such as Oracle NetSuite and Sage Intacct, with Deloitte’s innovative accounting, tax and governance, risk and controls advisory services to help deliver speed and process efficiencies, cost savings and compliance enhancements to businesses that utilise digital assets.
The rapid evolution and disruptive nature of the digital asset space has introduced a flurry of new data, risks, regulations, and complex compliance requirements that should be managed.
The alliance also addresses assisting companies with their compliance with accounting principles generally accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS), mitigating risk and increasing transparency through enhanced processes and controls, considering tax in the transaction flow, and navigating global tax compliance requirements.
Commenting on this, Deloitte tax partner and digital assets leader, Rob Massey, said: “Bitwave’s sub-ledger offering brings a thoughtful approach to supporting the complex nature of digital asset-based transactions. It is a technology that resonates with the early-stage crypto natives as well as mature corporate enterprises, across industries.
Our complementary skillsets will bring unique opportunities to collaborate with the Bitwave team as we memorialise this relationship into an official alliance.”
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Bitwave co-founder and CEO, Patrick White, further said: “Serving hundreds of customers has taught us an incredible amount about the landscape of digital assets at enterprises. We’ve learned that successfully adopting digital assets is often about more than just the technical offerings that Bitwave brings but a complex dance of process choices, accounting decisions, and implementation queries.
Our alliance with Deloitte allows us to leverage their deep professional services, multidisciplinary specialisation in finance, tax, and digital transformation to help solve not just technical challenges, but organisational ones as well. Together, we’re not merely navigating this burgeoning space; we’re redefining it. The collaboration with Deloitte’s passionate and skilled team has been a pleasure, and marks a commitment to excellence, efficiency, and addressing compliance. We’re invigorated and inspired to set new benchmarks in the industry.”