• Bitwave, an enterprise-focused digital asset finance platform, has partnered with Shrapnel to help the Web3 Gaming Studio streamline its financial operations.
• Shrapnel is pushing the boundaries of innovation in the gaming industry by developing a competitive, multiplayer FPS that allows ownership and transferability of Player-Created Content.
• Bitwave was key in helping Shrapnel manage its day-to-day financial operations by creating a sustainable GAAP accounting process and reducing manual data entry while mitigating risk of error.
Bitwave Partners with Shrapnel to Streamline Crypto Accounting Operations
Bitwave Helps Simplify Financial Operations for Web3 Gaming Studio
Business Wire Bitwave, the first enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, announced today that it is working with Shrapnel to help the Web3 Gaming Studio streamline its financial operations. The partnership will ensure that Shrapnel can focus on innovation in the gaming industry without worrying about complex finances.
Shrapnel’s Vision Made Possible with Blockchain Technology
Shrapnel is known for pushing the boundaries of innovation in their industry as they develop a competitive, multiplayer FPS (first person shooter) game called Player-Created Content that allows ownership and transferability through blockchain technology. This game requires careful management when it comes to finances due to its digital assets which presented a number of new accounting and compliance complexities before partnering with Bitwave.
Bitwave Streamlines Financial Operations
Mark Long, CEO of Shrapnel commented on why they chose Bitwave: “At Shppelin, we believe that a frictionless user experience is key for any game – and we try to bring that same operational model to our internal teams.” With this in mind, Tina Russell (Finance Controller at Shrapnel) stated that “our COO chose Bitwave because it is the industry leader and best-in-class solution for web 3 accounting”.
In order for everything to run smoothly, Bitwave helped create a sustainable GAAP accounting process as well as reduce manual data entry while mitigating risk of error. Moreover, Bitwave was also key in helping manage day-to-day financial operations by establishing solid fiscal reporting foundations.
Highly Collaborative Process Between Teams
The implementation team from Bitwave worked closely with Shrapnels’ finance team and Head of Blockchain throughout this process which included identifying all on chain wallets and their values along with integrating transaction data from FireBlocks and Coinbase Pro into one platform. Tina Russell commented on how successful this integration was saying: “It was a highly collaborative process”.
“7.4 Billion OnChain Game Transactions Last Year”
Amy Kalnoki (Co Founder & COO at BItWave) concluded her statement by saying: “With on chain game transactions reaching 7.4 billion last year –and accounting for almost 50% of all dapp activity –the game studios of tomorrow are investing in the right tools for their businesses today.”