Octav Raises $2.65 Million Seed Funding to Label DeFi Ecosystem
Octav, a DeFi labeling and tax reconciliation platform, has secured $2.65 million in seed funding to develop a platform that simplifies the decentralized finance (DeFi) ecosystem. The company aims to be the “Quickbooks of crypto” by offering a comprehensive dashboard that allows users to decipher and analyze their DeFi transactions. The founders, Mathieu Baril and Luc Blackburn, previously worked at companies like Zapper and Accedian Network. Octav’s platform includes a DeFi labelling database, portfolio dashboard, and data analytics features. Users can also contribute to the platform’s machine learning algorithm by labeling unknown transactions. The funding will be used to integrate more chains and protocols into the platform, capturing the entire DeFi ecosystem. Octav also plans to integrate with crypto tax platforms in the long term to facilitate tax reconciliation for users.
About Octav
Octav is a free and editable data analytics platform that simplifies DeFi investment activity. It provides a user-curated database that helps traders, tax professionals, and asset management firms reconcile transactions for tax purposes. Octav’s platform offers features such as cost basis calculation, profit and loss tracking, and more. The company aims to expand its user base from DeFi power users to a broader audience and also plans to integrate with existing crypto tax platforms. For more information, visit the Octav website.
Hot Take: Simplifying DeFi with Octav’s Labeling Platform
Octav’s seed funding will enable the development of a platform that addresses a significant challenge in the DeFi ecosystem—data organization and analysis. With the increasing complexity and volume of DeFi transactions, users struggle to understand and track their activity effectively. Octav aims to bridge this gap by providing a user-friendly dashboard and a comprehensive database of labeled transactions. By integrating with various chains and protocols, Octav will capture the entire DeFi ecosystem and cater to a broad range of users. Additionally, the platform’s future integration with tax software offers a promising solution for tax reconciliation. Octav’s initiative to simplify DeFi and support both power users and accountants highlights its potential to become a leading player in the DeFi analytics space.
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