SAN FRANCISCO, June 20, 2025 (GLOBE NEWSWIRE) — FV Bank, a globally regulated digital asset custodian and banking platform, announced a landmark partnership with Bitwave to streamline and automate digital asset tax and financial reporting, setting a new institutional standard for compliance and operational scalability.
As digital asset adoption continues to mature, so do the expectations for institutional accountability, tax transparency, and audit-readiness. With a customer base spanning over 70 countries and operations in one of the most stringently regulated environments in finance, FV Bank has taken a bold step forward to modernize its infrastructure and ensure compliance without compromising efficiency.
Operational Innovation Meets Regulatory Excellence
Leading custodians – like FV Bank – face unique reporting challenges when managing customer assets under the FBO (“For the Benefit Of”) accounting model. This structure requires financial teams to track assets and liabilities both at the institution level and for individual customers.
By integrating Bitwave’s industry-leading financial platform, FV Bank has successfully automated the dual-layered reporting structure, creating both client-facing tax forms (such as 1099s) and detailed internal books that meet institutional audit standards.
“At FV Bank, we take pride in offering secure, compliant, and forward-thinking financial services. Partnering with Bitwave allows us to push the envelope on what’s possible with digital asset reporting efficiency with global scale,” said Miles Paschini, CEO of FV Bank.
“We’re not just solving a tax problem, we’re setting a new benchmark for operational excellence.”
Solving Tax Complexity at Scale
Tax reporting in digital assets is notoriously complex, especially for high-throughput financial institutions.
With Bitwave, FV Bank has streamlined its tax workflows to automatically generate accurate, auditable gain/loss data for every client account. This eliminates the need for fragmented spreadsheets, manual reconciliations, and error-prone calculations.
“FV Bank is a true leader in operational compliance and financial innovation,” said Pat White, CEO of Bitwave.
“Their embrace of Bitwave for both internal and customer-facing reporting proves that institutions can lead the way in digital asset transparency and integrity.”
Driving Scalable Compliance for the Future of Finance
Bitwave’s robust platform is designed to meet the needs of enterprise-grade finance teams, enabling institutions like FV Bank to remain audit-ready, regulator-friendly, and technologically agile.
This partnership represents a scalable solution that other neobanks, trust companies, and crypto-forward enterprises can emulate.
As regulators and policymakers focus increasingly on transparency and accountability in crypto finance, FV Bank is not waiting to react, it’s leading.
About FV Bank
FV Bank is a fully licensed and regulated U.S. digital bank offering a vertically integrated suite of digital asset and traditional banking services. With a focus on innovation, security, and compliance, FV Bank is Banking the Future by providing USD banking, digital asset custody services, money market accounts, Visa debit cards, and stablecoin deposits and conversions, all accessible via a single, unified platform.
For more information about FV Bank, please visit www.fvbank.us.
About Bitwave
Bitwave is the #1 digital asset subledger and on-chain finance platform for businesses.
Built for enterprises and institutions, Bitwave simplifies digital asset tax, accounting, and payment workflows for global finance teams – all with a comprehensive, audit-ready platform.
Trusted by Fortune 100 leaders, Bitwave delivers the reliability, security, and control demanded by today’s leading finance teams. We enable the digital asset economy with scalable financial operations.
For more, visit bitwave.io.
Media Contact:
Kaleb Leija
VP of Marketing, Bitwave
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8e55433b-f39c-4295-b904-12b7ba085cab
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