Bridging Worlds: Amy Kalnoki on Bitwave, B2B SaaS, and Enterprise Adoption of Digital Assets

When you speak with someone who has been at the forefront of building solutions for emerging technologies, you get a unique perspective – not just on the technology itself, but on the journey of entrepreneurship, the challenges of market adoption, and the vision required to build something lasting. 

Sri Misra, founder of aarna protocol recently had the pleasure of hosting Amy Kalnoki, the Co-Founder and Chief Operating Officer of Bitwave, on the alpha un# podcast.

Amy brings a wealth of experience from the B2B SaaS world into the dynamic, and often complex, realm of digital assets. Her insights into how businesses are navigating crypto adoption, particularly in areas like accounting, compliance, and payments, were incredibly illuminating. 

For anyone looking to understand the practical application of crypto in the enterprise world, or simply learn more about one of the key figures shaping this space, watch the full episode at: unhashed.co/amy

From B2B SaaS Roots to a Passion for Digital Assets

Amy’s career wasn't an accidental stumble into crypto; it was a deliberate convergence of established expertise and a burgeoning passion.

"It's always been in B2B SaaS software, the majority of it."

"That's really what was the inspiration for Bitwave – bringing together my personal passion for digital assets and crypto and all things blockchain, and my background in enterprise SaaS software. And that's what Bitwave is."

This isn't Amy's first entrepreneurial venture. Before Bitwave, she co-founded Synata, an enterprise search engine company. Synata focused on solving information discovery challenges within large organizations – a complex B2B need. Their success with Synata, which was acquired by Cisco Systems in 2016, underscores Amy's ability to identify genuine business needs, build robust technology, and navigate the demanding B2B software market.

Following the acquisition, Amy transitioned to a role at Cisco, working within their enterprise collaboration group on major product lines like Webex. This period further immersed her in the enterprise SaaS environment and the specific demands of large corporate clients. It's this seasoned perspective she brought when approaching the digital asset space.

The Genesis of Bitwave: Solving a Real Need

The founding story of Bitwave, which Amy recounted, really highlights a core principle of successful startups: solving a genuine, pressing problem. By 2018, individual adoption of digital assets was growing, and Amy foresaw the inevitable next step.

"We knew that if retail users and individuals were into digital assets, eventually businesses would adopt digital asset technology as well, and so we asked ourselves, when a company adopts digital assets, what are they going to need? Because my personal philosophy on startups is that you have to be solving a real need, a need that customers have."

They made a long list, and at the top were accounting, finance, tax tracking, and payments. This was the genesis of Bitwave. The core idea was that no CFO would allow their company to seriously engage with digital assets if they couldn't track them, account for them, and ensure compliance.

"You can't have money moving in and out of a business that's not accounted for."

Bitwave was therefore established in 2019, positioning them as one of the early movers in creating enterprise-grade accounting and finance software specifically for digital assets. Their motto, as Amy mentioned, is "helping to enable digital assets for enterprises," which perfectly encapsulates their mission.

What Exactly Does Bitwave Do? A Look Under the Hood

Bitwave positions itself as a complete digital asset management platform, specifically designed for enterprise finance, accounting, and payment management. Think of it as the crucial bridge between a company's on-chain activities (interacting with cryptocurrencies, tokens, stablecoins, DeFi protocols across various blockchains) and their traditional financial systems (like ERPs and treasury solutions).

"We really sit in between all the businesses' sources of digital asset data – whether it's custodial accounts, their wallets, hot wallets, cold wallets, self-managed custody wallets – and then traditional finance systems. So think like ERP solutions or treasury solutions... And Bitwave, we sit in the middle and give the tools, the workflows, all the capabilities that you need to run a business."

Key functionalities Bitwave provides include:

• Digital Asset Accounting & Bookkeeping: Handling the complexities of crypto transactions, which, as Amy noted, often don't function like traditional accountable events, sometimes resembling inventory or forex accounting.

• Crypto Tax Tracking: Helping businesses calculate gains, losses, and manage the tax implications of their digital asset activities.

• AR/AP for Crypto: This is a particularly interesting area. Bitwave offers a full solution for accounts payable and accounts receivable using blockchain and stablecoin payments. Amy highlighted their Bitwave Vendor Network, designed to be a payment network akin to Bill.com, but for the crypto world. This network facilitates invoice management and payments, even allowing vendors to receive fiat if they aren't ready to hold stablecoins – a concept she referred to as a "stablecoin sandwich."

• DeFi Investment Monitoring: Tracking investments and activities across various decentralized finance protocols.

• Multi-Sig Wallet Solutions: Offering secure ways to manage company assets.

• ERP Integrations: Crucially, Bitwave integrates with major ERP systems like NetSuite, QuickBooks, and others, allowing businesses to maintain their existing financial records while incorporating digital asset data.

The scale at which Bitwave operates is also noteworthy.

"Some of our customers run literally billions of transactions through our software, billions of accountable events every single month." And for their specific vendor invoicing AR/AP modules, she stated, "we passed over $100 million in total payment volume, both in and out." 

These numbers give a sense of the traction Bitwave is gaining in the enterprise space.

A Vision for Enterprise Adoption & a Unique Approach

Bitwave’s vision is fundamentally about enabling mainstream businesses to confidently and compliantly adopt digital assets. They were "built for enterprises from day one," with a focus on enterprise-grade security and requirements.

A key differentiator Amy touched upon is their "bring-your-own-keys" approach for payments. This non-custodial model allows businesses to maintain control over their assets, a critical factor for many enterprises concerned about third-party risk.

The company's focus isn't just on crypto-native companies, though they serve many of the largest blockchain foundations and crypto exchanges. A significant part of their strategy involves helping non-crypto businesses leverage the efficiencies of digital assets, particularly stablecoins for B2B payments.

"Any business, whether you're in digital assets or not, can see both time and cost savings by using blockchain payments, especially stablecoins." 

The Road Ahead for Amy Kalnoki and Bitwave

Listening to Amy, it's clear that her focus, and Bitwave's, remains sharply on solving the practical, operational challenges that enterprises face when dealing with digital assets. Their recent launch and focus on the "Bitwave Vendor Network" at ETH Denver earlier this year signals a continued push to make B2B crypto payments more accessible and efficient.

Amy's journey is a compelling example of how deep expertise in one domain (B2B SaaS) can be powerfully combined with a passion for a new technological frontier (digital assets) to build solutions that address tangible market needs.

Her pragmatic approach, combined with a clear vision for how crypto can integrate into mainstream business, positions her and Bitwave as key players to watch as enterprise adoption continues to unfold.