Octav Raises 2.65 Million To Help Label DeFi Transactions

Montreal, Canada, September 12th, 2023, Chainwire

Octav, a DeFi labeling and tax reconciliation platform, raised a $2.65 million seed to help label the DeFi ecosystem and be the “Quickbooks of crypto”.

“There hasn’t been a systematic way where the DeFi community can decipher all their transactions from block explorers and get their data in one convenient dashboard,” said Mathieu Baril, Co-Founder & CEO of Octav. “So it became clear to us that data labelling is missing in DeFi”.

Octav is led by Mathieu Baril & Luc Blackburn, both of whom have previously worked at companies like Zapper, Accedian Network and Otodata before starting Octav. Octav boasts a variety of esteemed Investors including Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET capital, Paul Desmarais, CEO of Sagard holdings, and Mark Zeller from AAVE.

“We are building the platform that deciphers all DeFi transactions,” Mathieu said. “Today, there’s a lot of companies building DeFi dashboards but I don’t think anyone is going deep to provide the end user with all the data in an easy way to understand and we think the right company will need to have a complete defined database of all DeFi transactions, not just a piece 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 great for most DeFi enthusiasts”, Mathieu noted.

“Etherscan does not give you the ability to understand exactly what transaction you did and with what protocol you interacted with because it only provides the contract address and the transaction function directly from the smart contract code.” Mathieu added. “So the entire ecosystem of tools is broken and DeFi enthusiasts are struggling with a lack of understanding and playbook. That’s really where the current state is and we’re trying to build something to solve this over time.”

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Author: CryptoDaily

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