Octav Raises 2.65 Million To Assist Label DeFi Transactions

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 group can decipher all their transactions from block explorers and get their knowledge in a single handy dashboard,” stated Mathieu Baril, Co-Founder & CEO of Octav. “So it turned clear to us that knowledge labelling is lacking in DeFi”.

Octav is led by Mathieu Baril & Luc Blackburn, each of whom have beforehand labored at corporations like Zapper, Accedian Community and Otodata earlier than beginning Octav. Octav boasts quite a lot of esteemed Buyers together with Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Doable 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 stated. “At present, there’s a whole lot of corporations constructing DeFi dashboards however I don’t suppose anybody goes deep to offer the tip consumer with all the info in a simple strategy to perceive and we expect the fitting firm might want to have an entire outlined database of all DeFi transactions, not only a piece of it.”

“Lots of DeFi native instruments like Etherscan and Dune Analytics give a whole lot of uncooked knowledge which is nice when you have the technical information however not nice for many DeFi fans”, Mathieu famous.

“Etherscan doesn’t provide the capability to know 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 straight from the good contract code.” Mathieu added. “So the whole ecosystem of instruments is damaged and DeFi fans are scuffling with a lack of knowledge and playbook. That’s actually the place the present state is and we’re attempting to construct one thing to unravel this over time.”

Octav’s DeFi labelling and tax reconciliation platform features a DeFi labelling database, portfolio dashboard, and knowledge analytics comparable to price foundation, revenue and loss, and charges 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 mechanically to all Octav customers who interacted with the identical good contract.

“Octav is at the moment in beta with hundreds of customers, seven built-in chains, and over 100 million transactions listed thus far”, Mathieu stated. “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 will likely be used to combine extra chains to seize the whole 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 most recent protocols the DeFi group is interacting with.” Luc stated. “We each labored at startups earlier than and perceive the significance of delivering bold targets with a lean crew.”

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 need to go from a small, tight-knit group of DeFi energy customers and develop that enterprise,” Mathieu stated. “In parallel, we have now a complete stream of accountants ready to pay to make use of our platform to reconcile transactions for tax preparation for his or her shoppers, we consider that’s the place our breakthrough will occur.”

About Octav

Octav is a free and editable knowledge 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.

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