Applications and Use Cases

Finance and Gaming: Bitwave Helps SHRAPNEL Simplify Financial Operations

March 28, 2023

Hark back to roughly 1997 with me; NASA’s Mars Pathfinder lander and rover arrived on the red planet, Steve Jobs returned as Apple’s CEO, acclaimed drama series “Buffy the Vampire Slayer” premiered on television, and I got the shining treasure of all Christmas gifts: the Nintendo 64. (The Game Boy Color would soon follow.)

So began my to-this-day love for games of virtually all genres; at this point, it’s pretty much hardwired into my bones.

What I’m not fluent in, so to speak, is crypto, Web 3, NFTs, dApps, and so on. But when a slice of gaming news hits the wires, I feel compelled to share.

So, let’s get into it.

Founded in 2018, digital asset finance platform Bitwave focuses on expertly managing the intersection of cryptocurrency taxes, accounting, and compliance. Their mission is to enable any enterprise, business, nonprofit or government entity to work confidently with digital assets; to take more direct control over future financial prospects and bypass traditional institutions and investment banks.

Bitwave officially announced that it’s been working with Web3 gaming studio SHRAPNEL to streamline its financial operations.

The team at SHRAPNEL, comprised of industry veterans (from blockchain projects to AAA games alike), seeks to work at the nexus of games, television, movies, and even graphic novels. Members of its team have directly contributed to winning more than 40 entertainment awards for the notable franchises they’ve worked on, but now they need a hand with a number of new accounting and compliance complexities.

“Our vision is to develop the first competitive, multiplayer FPS (first-person shooter) that allows ownership and transferability of player-created content via blockchain technology. We believe this should result in a frictionless user experience. Now, we’re bringing that same operational model to our internal teams,” said SHRAPNEL CEO, Mark Long.

“We chose Bitwave because it’s the industry leader for best-in-class solutions for Web3 accounting,” followed Tina Russell, SHARPNEL’s Finance Controller.

Though not a comprehensive list, Bitwave has helped SHRAPNEL create a sustainable GAAP (Generally Accepted Accounting Principles) process, reduce manual data entry, manage day-to-day financials by establishing a solid fiscal reporting foundation, and organize easy-to-view and easy-to-understand digital assets inventories, especially when it comes to wallet management.

“SHRAPNEL 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 Chief Operating Officer 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.”

Apart from SHRAPNEL, Bitwave is currently integrated with more than 25 blockchains to support needs in bookkeeping and accounting for enterprise projects. (e.g. crypto-native DeFi protocols, GameFi studios, and crypto-forward companies exploring various on-chain use cases) They are trusted by the likes of GameStop and OpenSea.

Edited by Greg Tavarez

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