Deloitte-Bitwave Strategic Alliance Revolutionizes Digital Asset Accounting and Compliance

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Sep 12, 2023, 13:00 ET

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- Deloitte, a leader in audit and assurance, consulting, tax, and risk and financial advisory services, including more than a decade of experience providing end-to-end blockchain and digital assets services to clients – from traditional enterprises to digital asset-specific companies – and Bitwave, a leading enterprise accounting platform for digital assets, today announced a groundbreaking strategic alliance.

The alliance brings together Bitwave's cutting-edge software platform, which automates the flow of data from more than 70 blockchains and Decentralized 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 utilize 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 Deloitte-Bitwave alliance offers clients a suite of symbiotic digital asset offerings to manage these new complexities, including connecting blockchain data to the ERP system to help companies unlock valuable insights in near real-time, accelerating monthly close with automated accounting, and streamlining crypto payments. 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.

"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 memorialize this relationship into an official alliance," said Rob Massey, partner, Deloitte Tax LLP, and global US tax blockchain and digital assets leader.

"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 specialization in finance, tax, and digital transformation to help solve not just technical challenges, but organizational 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," said Patrick White, co-founder and CEO of Bitwave.

"The significant and meaningful experience we have in the blockchain and digital assets space helps clients address a broad scope of complex business issues ranging from accounting, financial reporting, risks and controls to technology concerns, which allows us to bring a focused, practical, and sustainable approach to our clients. Bitwave's approach to helping solve clients' problems is cohesive and very much aligned with us. A leading enterprise accounting technology organization like Bitwave helps enable us to address our clients' problems comprehensively. This is a true example of one-plus-one being much greater than two, where Deloitte and Bitwave bring significant value to our mutual clients," said Ashok Parmar, partner, Deloitte & Touche LLP, and Deloitte's lead alliance partner for Bitwave.

Deloitte's multidisciplinary team advises companies worldwide on achieving their goals related to blockchain implementation, especially in terms of digital assets—from coins of all kinds to non-fungible tokens (NFTs) to a variety of platforms and processes that support the assets. With more than 10 years of experience, Deloitte's ecosystem for education, ideation, strategy, prototyping, and development helps clients harness the opportunities and capabilities that blockchain technology has to offer.

Deloitte's specialization is further highlighted by the numerous practitioners who have completed Bitwave's implementation certification. This alliance leverages Deloitte's extensive experience to provide clients with unparalleled insights, enhancing the value they receive from Bitwave's platform.

To learn more about these organizations, visit Bitwave and Deloitte's Blockchain & Digital Assets hub.

About Bitwave

Bitwave transforms how businesses manage digital assets with a modern connected platform that automates accounting, ensures compliance, reduces tax burden, streamlines payments, and unifies data. Learn more at Bitwave's website.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 415,000 people worldwide connect for impact at www.deloitte.com.

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SOURCE Deloitte