Shrapnel + Bitwave Streamlining GameFi Finance Operations
Learn how Shrapnel’s partnership with Bitwave streamlined their finance operations, enabling a seamless integration of blockchain transactions into their existing accounting workflows.
About the Partnership
Shrapnel, the first AAA web3 gaming studio, is a Seattle-based organization composed of a team of gaming and blockchain experts that have produced major franchises, won over 40 entertainment awards, and reached over 100 million fans. Their vision is to create the first competitive multiplayer FPS that allows players to create, own, and trade their Player-Created Content. Shrapnel was also awarded the "Most Anticipated Game" and "Best Game Trailer" prize by Web3 Gamer.
Navigating the Complexities of Digital Asset Accounting
As any seasoned gamer knows, the ultimate goal is to have fun. Unfortunately, the same can't be said for managing crypto accounting in a constantly shifting regulatory landscape. Shrapnel’s finance team learned this firsthand as they leveled up the company’s accounting processes.
“There are a lot of gray areas,” says Russell. "With accounting standards still being established, it's nearly impossible to fully understand the financial implications and provide the guidance our business needs."
Accounting for digital assets is no easy feat, and organizations like Shrapnel face numerous challenges along the way, from gathering transaction data and ensuring accuracy to maintaining detailed records for compliance.
Shrapnel's finance team faces additional challenges thanks to its groundbreaking approach to rewarding players for their passion. Token deployment, for example, introduces complex issues like SAFTs, accurate pricing, and tracking across various token distribution models. Finally, the team sought to mitigate risk by setting up proper controls and best practices in wallet access and management.
Shrapnel’s innovations in web3 gaming are pushing the boundaries of the industry. Its accounting team needed a solution that could keep up with its groundbreaking work.
The Best-in-Class Web3 Accounting Platform, Matched with World-Class Customer Service
When it came to choosing a digital asset accounting platform, there was only one choice. As Russell explains, “Our COO chose Bitwave because it is the industry leader and best-in-class solution for web3 accounting.” Bitwave’s implementation team worked closely with Shrapnel's finance team and its Head of Blockchain to ensure a successful deployment. “It was a highly collaborative process,” says Russell. The team had to work together to identify all its wallets and their values, review the transactions with data from FireBlocks and Coinbase and ensure reporting was consistent between QuickBooks and Bitwave. “Bitwave makes it easy to view and understand our digital asset inventories,” she continues, “especially when it comes to wallet management. Typically, more isn’t better within finance and accounting,” Russell continues. “But for crypto, managing individual wallets with distinct functions is much easier. I can say everything in this wallet is a royalty; everything in this wallet was a minting fee, etc.”
Efficient and Accurate
Back-Office Operations
Bitwave helped Shrapnel benchmark its tokens to correct GAAP standards and reduce manual data entry and the risk of errors. “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 was also instrumental in helping Shrapnel manage its day-to-day financial operation processes and establish a solid financial management and reporting foundation.
When asked about the platform's biggest strength, Russel replied, “It’s the team of people supporting the product. They always went the extra mile to ensure we were engaged and happy through the entire process – and, more importantly, are open to feedback. That collaboration is critical in an industry where the accounting standards are in flux.”
Are you crypto audit ready?
Free! Download the finance leader's crash course for confident, cost-efficient crypto audits - from Bitwave's licensed CPA's, in collaboration with top digital asset auditors.
