SAN FRANCISCO, June 20, 2024 (GLOBE NEWSWIRE) -- Bitwave, the leading enterprise finance platform for digital assets, is thrilled to announce the successful completion of its integration with the Stellar blockchain. This milestone marks the fulfillment of Bitwave’s commitment as part of the Activation Award grant it received from the Stellar Development Foundation earlier this year.

With this integration, finance teams leveraging the Bitwave platform can now seamlessly account for Stellar on-chain activity with automated transaction categorization and comprehensive, audit-ready financial reports. Bitwave has ensured that all Stellar token transactions are easily identifiable on the platform by appending the XLM token ticker symbol, providing users with quick and transparent access to their transaction information.

Enterprise-Grade Controls and Innovative Workflows

With the development of a high-volume indexer, Bitwave’s industry-leading platform is uniquely positioned to deliver true enterprise-grade controls for transaction data on the Stellar network. This integration supercharges accounting and finance workflows for finance teams with a range of enterprise-grade capabilities–like granular, lot-by-lot cost-basis tracking, high-volume transaction categorizations, and simplified GAAP/IFRS-compliant reporting.

Bitwave's SOC 1 (T2) and SOC 2 (T2) compliance ensures that financial teams can confidently make faster, data-driven decisions. This integration further underscores Bitwave's commitment to enabling enterprises with robust financial workflows for on-chain activity.

Supporting Innovation in the Stellar Ecosystem

Bitwave is dedicated to supporting FinTech and Fortune 100 companies that drive innovation within the Stellar ecosystem. This integration will significantly benefit projects exploring a range of on-chain activities–such as tokenizing real-world assets or supporting cross-border remittances. By partnering with this active ecosystem and community, Bitwave continues to support the growth of the energy-efficient Stellar blockchain.

Amy Kalnoki, Co-Founder and COO of Bitwave, commented:

"Celebrating this collaboration with Stellar marks an exciting moment for Bitwave and the broader digital asset landscape. This integration unlocks a new opportunity for efficiency, where finance teams can access faster insights and simplified compliance. We're thrilled to be shaping the future of finance with Stellar."

Justin Rice, VP of Ecosystem for the Stellar Development Foundation, commented:

“This collaboration with Bitwave enhances the transparency of on-chain financial reporting, making it easier for startups and enterprises to innovate with confidence. Bitwave's financial compliance and reporting tools empower our community with a new level of efficiency for digital assets. We’re thrilled to work together to foster an inclusive, accessible, and forward-thinking financial ecosystem."

By providing seamless accounting automation, simplified compliance processes, and audit-ready financial reporting, Bitwave is enabling the next wave of enterprise money transfers on Stellar.

For more information and to stay updated on Bitwave’s support for the Stellar ecosystem, please visit bitwave.io or fill out this form to stay connected.

About Bitwave

Bitwave is the #1 digital asset finance platform for enterprises.

Bitwave automates accounting workflows, enables regulatory compliance, reduces tax burden complexity, streamlines payments, and unifies data with a modern, connected platform. From high-volume crypto accounting to enterprise tax tracking, audit-ready bookkeeping, and advanced DeFi monitoring – Bitwave delivers the most comprehensive, audit-proven solution for mitigating digital asset complexity.

Businesses of all sizes - from Fortune 100 titans to early-stage crypto-native projects – trust Bitwave to help them achieve financial excellence. To learn more, visit bitwave.io.

About Stellar

Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts and processed more than 10 billion operations. For more information, visit stellar.org.

Contact

Kaleb Leija
Director of Marketing
Bitwave
kaleb.leija@bitwave.io

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb3175c-79aa-4b75-a627-19e3d90f3560