[PRESS RELEASE – Montreal, Canada, September 12th, 2023]
DeFi labeling and tax reconciliation platform Octave raises $2.65 million seed round to help label the DeFi ecosystem and become the “QuickBooks of crypto.”
“There is no systematic way where the DeFi community can understand all of their transactions from Block Explorer and get their data in one convenient dashboard,” said Mathieu Baril, co-founder and CEO of Octave. “So it became clear to us that data labeling is missing in DeFi”.
Octave is led by Matthew Baril and Luke Blackburn, both of whom worked at companies like Zapper, Excidian Networks, and Otodata before starting Octave. Octave has a number of prestigious investors, including Nascent, Polymorphic Capital, Parallel Studios, Spaceship DAO, InvestMevs, Possible Ventures, SpeedInvest, ACET Capital, Sagard Holdings CEO Paul Desmarais, and AAVE’s Mark Zeller.
“We are building a platform that will understand all DeFi transactions,” Mathew said. “Today, a lot of companies are creating DeFi dashboards, but I don’t think any are going in depth to provide all the data in an easy to understand way to the end user and we think the right company needs to provide a fully defined database. “Will be required for all DeFi transactions, not just a slice of it.”
“A lot of DeFi native tools like Etherscan and Dune Analytics give a lot of raw data which is great if you have the technical knowledge but not good for most DeFi enthusiasts,” Matthews said.
“Etherscan does not give you the ability to understand what transactions you have actually made and what protocols you have interacted with because it only provides the contract address and transaction functions directly from the smart contract code.” Matthew added. “So the entire ecosystem of tools is broken and DeFi enthusiasts are struggling with a lack of understanding and playbooks. That’s actually where the current situation is and we’re trying to build something to solve it over time.
Octave’s DeFi labeling and tax reconciliation platform includes a DeFi labeling database, portfolio dashboard, and data analytics such as cost basis, profit and loss, and fees paid. It allows anyone using the platform to contribute to a DeFi machine learning algorithm called “the brain” by labeling any unknown transactions that are not yet part of the database. Once the user’s contribution is algorithmically verified the update is automatically sent to all Octave users who interacted with the same smart contract.
“Octave is currently in beta with thousands of users, seven integrated chains, and over 100 million transactions indexed so far,” Matthews said. While the first customers are DeFi power users, Octave’s customer base is “anyone who has ever interacted with a DeFi protocol,” Matthews said.
“The capital will be used to integrate more chains to capture the entire DeFi ecosystem. New chains are launched throughout the year and new protocols launch weekly, so we always have to be on the cutting edge to catch up on the latest protocols that are interacting with the DeFi community. Luke said. “We both have worked in startups before and understand the importance of achieving ambitious goals with a small team.”
In the long term, the co-founders plan to focus on integration with existing crypto tax platforms, where Octave’s database will help as a pre-tax facilitator, processing all of a user’s transactions before they are ready for the tax software. Will cover.
“For us, it’s really twofold. “We want to grow from a small, cohesive community of DeFi power users and grow that business,” Matthews said. “In parallel, we have a whole stream of accountants waiting to be paid to use our platform to settle tax preparation transactions for their clients, we believe This is where our success will lie.”
about octave
Octave is a free and editable data analytics platform that helps understand decentralized finance (DeFi) investment activity. Octave’s user-curated database simplifies DeFi for traders, tax professionals, and liquid asset management firms, acting as a pre-tax facilitator for cost basis, profit and loss, and more.
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source: cryptopotato.com
