Trust Machines + Bitwave's Strategic Partnership Optimizing Token & Stablecoin Transaction Accounting

Complex Wallet  Management & Accounting at Trust Machines

Thanks to a deep, on-chain product offering, Trust Machines had a complex array of wallet management and accounting needs. Most importantly, they wanted to build and maintain an efficient, best-in-class financial operation to manage high-volume token transactions. In addition to categorizing token transactions, the team needed a solution that could effortlessly integrate with their existing ERP. The integration needed to account for tokens while also addressing specialized accounting needs like basis accounting.A key focus for Trust Machines was accurate token transaction accounting, which was essential for vendor payments. Proper accounting for these transactions involved tracking multiple steps.

For example, the process often began with a trade from an OTC broker to acquire stablecoins. Adjustments to the outgoing token’s value were sometimes necessary to match the stablecoin’s value, as determined by the broker.Accounting for the outgoing stablecoin transactions also required precision. Depending on the nature of the transaction, the stablecoin outflow could be booked as a debit to a balance sheet account (such as accounts payable or prepaid expense) or recorded in the P/L as an expense. This was the scenario Trust Machines came to Bitwave to solve.