Web3 Gaming Studio Shrapnel Chooses Bitwave to Streamline Its Crypto Accounting Operations
Bitwave helps Shrapnel simplify its finance operations to ensure focus on innovation in the Web3 gaming industry
Bitwave, the first enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, announced that it is working with Shrapnel to help the Web3 Gaming Studio streamline its financial operations.
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“Shrapnel truly understands the value of blockchain-based ownership and interoperability for gaming – and Bitwave is thrilled to enable these new technologies with a custom, streamlined finance stack”
Shrapnel is the first AAA web3 gaming studio, known for pushing the boundaries of innovation in their industry. Shrapnel’s vision to develop the first competitive, multiplayer FPS that allows ownership and transferability of Player-Created Content, is made possible with the use of blockchain technology. But, with the introduction of digital assets, the team was faced with a number of new accounting and compliance complexities.
“At Shrapnel, we believe that a frictionless user experience is a key element of success for any game – and we try to bring that same operational model to our internal teams,” said Shrapnel CEO Mark Long. “Our COO chose Bitwave because it is the industry leader and best-in-class solution for web3 accounting,” said Tina Russell, Shrapnel Finance Controller.
Bitwave helped Shrapnel create a sustainable GAAP accounting process, reduced manual data entry, and mitigated the risk of error. Bitwave was also key to helping Shrapnel manage its day-to-day financial operations by establishing a solid fiscal reporting foundation.
“Shrapnel truly understands the value of blockchain-based ownership and interoperability for gaming – and Bitwave is thrilled to enable these new technologies with a custom, streamlined finance stack,” said Bitwave Co-Founder and COO Amy Kalnoki. “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,” said Kalnoki.
Bitwave’s implementation team worked closely with Shrapnel’s finance team and Head of Blockchain to ensure a successful deployment. “It was a highly collaborative process,” says Shrapnel Finance Controller, Tina Russell. The teams worked together to identify all on-chain wallets and their values. Then, they built an integrated transaction with data from FireBlocks and Coinbase to ensure reporting was consistent between QuickBooks and Bitwave.
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“Bitwave makes it easy to view and understand our digital asset inventories – especially when it comes to wallet management,” said Russell.
Today, Bitwave is integrated with over 25 blockchains to support the bookkeeping and accounting needs of enterprise projects – from crypto-native DeFi protocols and GameFi studios to crypto-forward companies exploring on-chain use cases.
Bitwave is also a member of the Blockchain Game Alliance (BGA), a leading voice for the blockchain gaming industry, working to advance and promote its development and growth.
Bitwave is proud to sponsor the Game Developers Conference (GDC), March 20-24, 2023, in San Francisco, California. Bitwave CEO and Co-Founder Pat White will be hosting a session that dives into the latest on-chain game transaction trends and provides a practical guide for easing the complexity of digital asset accounting.
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