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Montreal, Canada, September twelfth, 2023, Chainwire
Octav, a DeFi labeling and tax reconciliation platform, raised a $2.65 million seed to assist label the DeFi ecosystem and be the “Quickbooks of crypto”.
“There hasn’t been a scientific manner the place the DeFi neighborhood can decipher all their transactions from block explorers and get their information in a single handy dashboard,” mentioned Mathieu Baril, Co-Founder & CEO of Octav. “So it grew to become clear to us that information labelling is lacking in DeFi”.
Octav is led by Mathieu Baril & Luc Blackburn, each of whom have beforehand labored at firms like Zapper, Accedian Community and Otodata earlier than beginning Octav. Octav boasts quite a lot of esteemed Traders together with Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Potential Ventures, Speedinvest, ACET capital, Paul Desmarais, CEO of Sagard holdings, and Mark Zeller from AAVE.
“We’re constructing the platform that deciphers all DeFi transactions,” Mathieu mentioned. “Immediately, there’s loads of firms constructing DeFi dashboards however I don’t assume anybody goes deep to supply the top consumer with all the info in a simple method to perceive and we expect the correct firm might want to have an entire outlined database of all DeFi transactions, not only a piece of it.”
“Quite a lot of DeFi native instruments like Etherscan and Dune Analytics give loads of uncooked information which is nice when you have the technical data however not nice for many DeFi lovers”, Mathieu famous.
“Etherscan doesn’t provide the potential to grasp precisely what transaction you probably did and with what protocol you interacted with as a result of it solely offers the contract handle and the transaction operate instantly from the good contract code.” Mathieu added. “So all the ecosystem of instruments is damaged and DeFi lovers are fighting a lack of awareness and playbook. That’s actually the place the present state is and we’re making an attempt to construct one thing to resolve this over time.”
Octav’s DeFi labelling and tax reconciliation platform features a DeFi labelling database, portfolio dashboard, and information analytics resembling value foundation, revenue and loss, and costs paid. It additionally permits anybody utilizing the platform to contribute to the DeFi machine studying algorithm dubbed “The Mind” by labeling any unknown transactions that aren’t but a part of the database. As soon as consumer contributions are algorithmically verified the replace is pushed routinely to all Octav customers who interacted with the identical good contract.
“Octav is at present in beta with 1000’s of customers, seven built-in chains, and over 100 million transactions listed up to now”, Mathieu mentioned. “Whereas the primary prospects are DeFi energy customers, Octav’s shopper base is “anybody who has ever interacted with a DeFi protocol”, Mathieu added.
“The capital might be used to combine extra chains to seize all the DeFi ecosystem. New chains are launched all year long and new protocols launch weekly so we all the time must be forward to seize the newest protocols the DeFi neighborhood is interacting with.” Luc mentioned. “We each labored at startups earlier than and perceive the significance of delivering bold objectives with a lean group.”
In the long run, the co-founders plan to deal with integrating with present crypto tax platforms the place Octav’s database would assist as a pre-tax facilitator, reconciling all of a consumer’s transactions earlier than being prepared for tax software program.
“For us, it’s actually twofold. We wish to go from a small, tight-knit neighborhood of DeFi energy customers and develop that enterprise,” Mathieu mentioned. “In parallel, we now have a complete stream of accountants ready to pay to make use of our platform to reconcile transactions for tax preparation for his or her purchasers, we consider that’s the place our breakthrough will occur.”
About Octav
Octav is a free and editable information analytics platform that helps decipher Decentralized Finance (DeFi) funding exercise. Octav’s user-curated database simplifies DeFi for merchants, tax professionals, and liquid asset administration corporations, serving as a pre-tax facilitator for cost-basis, revenue & loss, and extra.
For extra data, go to:
Web site | Medium | X | Discord | Official Docs
Contact
Advertising SupervisorStephen EdviOctav[email protected]
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