If you're running a blockchain game studio, you already know that onchain data adds some serious complexity – especially when it comes to tracking revenue.
Between crypto transactions, token-based microtransactions, and new compliance rules, things can get messy. That’s where Bitwave comes in.
We specifically built our platform to excel with high-volume crypto accounting. This helps finance leaders at blockchain game studios automate revenue recognition while staying ahead of reporting challenges.
With Bitwave, you can focus on building great games instead of battling spreadsheets.
Why Is Revenue Recognition So Challenging in Blockchain Gaming?
With traditional games, revenue recognition is relatively straightforward. Players pay in fiat, and transactions are easy to track. But blockchain gaming is a different story.
- Token-Based Transactions: Native tokens or cryptocurrencies can make valuation and revenue tracking way more complex than standard fiat payments.
- Smart Contracts: Automated transactions require precise tracking and categorization. Manually accounting for these actions can add hours of work for finance teams (and increase the chance of errors).
- International Complexity: Every country has different regulations for how crypto revenue is recognized and taxed. Keeping up is a full-time job on its own.
- Off-Platform Asset Trading: Players often buy, sell, and trade NFTs outside of the game, making revenue tracking even trickier.
What’s this mean? Financial automation software is a necessity to stay compliant and track revenue accurately.
How Bitwave Makes Crypto Accounting Easy for Gaming Studios
We built Bitwave specifically to handle the challenges of onchain transaction data. Our platform helps you manage high-volume crypto activity without the headaches. Here’s how:
1. Automated Revenue Recognition
No more manually sorting, aggregating, and reporting blockchain transactions. Bitwave automatically syncs with exchanges, wallets, and protocols so you can:
- Categorize and classify different revenue streams
- Generate journal entries automatically based on predefined rules
- Track token sales, NFT transactions, and in-game purchases in real time
2. Managing Volatility with Fair Market Value (FMV) Adjustments
Crypto prices change constantly, which means your revenue recognition needs to adjust dynamically. Bitwave helps by:
- Automatically updating asset valuations as market prices shift.
- Ensuring financial reports reflect real, up-to-date values.
- Keeping your accounting accurate for better financial planning.
3. Compliance & Audit-Ready Reporting
Every transaction is tracked accurately for a comprehensive view of your financial data. Bitwave even goes the extra mile to make sure you’re audit-ready
- Generate on-demand tax reports with US GAAP and IFRS compliance.
- Maintain audit-ready documentation with SOC 1 Type 2, SOC 2, Type 2 security.
- Consolidate financial data across different regions and entities.
4. Multi-Chain and Wallet Integration
Build on the blockchain that works for your business. We’re integrated directly with the major ones – from Ethereum, Solana, Polygon, Avalanche, Arbitrum, or more. Bitwave integrates seamlessly across chains and wallets, so you can:
- Centralize transaction data from different blockchains.
- Automate complex accounting workflows.
- Ensure compliance across multiple jurisdictions.
Why Blockchain Gaming Companies Trust Bitwave
Finance leaders at AAA game studios (like Shrapnel) trust Bitwave to power their back-office operations with efficiency and accuracy.
Tina Russel (Head of Finance, Shrapnel) said: “The thing I love about Bitwave is that I’m not moving things around on a spreadsheet. I feel better about the integrity of the data in my hands. The fact that it’s all in the cloud also adds another extra layer of data security. ”
Bitwave delivers the flexibility, security, and control demanded by finance leaders at top game studios:
✔️ Automation for crypto accounting, so you can ditch manual tracking.
✔️ Audit-ready reporting that meets IFRS, GAAP, and global tax standards.
✔️ Accurate financial insights to help your studio scale.
Blockchain gaming is only getting bigger, and outdated accounting methods won’t cut it. Bitwave gives you a strategic advantage by streamlining on-chain revenue recognition and keeping your finances in check.
Want to see Bitwave in action? Let’s chat!
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
