Octav Secures $2.65 Million Funding to Label DeFi Transactions
Octav, a platform focused on DeFi labeling and tax reconciliation, has raised $2.65 million in seed funding. The company aims to become the “QuickBooks of crypto” by providing a systematic way for the DeFi community to decipher their transactions and access data in a convenient dashboard. Octav’s platform includes a DeFi labeling database, portfolio dashboard, and data analytics features such as cost basis, profit and loss, and fees paid. Users can also contribute to Octav’s machine learning algorithm called “The Brain” by labeling unknown transactions. The funding will be used to integrate more chains and capture the entire DeFi ecosystem. Octav also plans to integrate with existing crypto tax platforms to facilitate tax preparation for users.
About Octav
Octav is a free and editable data analytics platform that simplifies DeFi investment activity. It serves as a pre-tax facilitator for traders, tax professionals, and asset management firms, offering features like cost-basis and profit and loss calculations. For more information, visit Octav’s website.
Hot Take: Octav’s Mission to Simplify DeFi Transactions
Octav’s seed funding of $2.65 million will help the platform become a leading solution for labeling and reconciling DeFi transactions. With a user-curated database and intuitive dashboard, Octav aims to make DeFi more accessible to both power users and accountants handling tax preparation. By integrating with various chains and crypto tax platforms, Octav plans to capture the entire DeFi ecosystem and provide comprehensive transaction data. As the DeFi space continues to grow, Octav’s effort to simplify and streamline transactions could be a game-changer, benefiting both individual traders and financial professionals.
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