September 12, 2023 – Montreal, Canada
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.’
Mathieu Baril, co-founder and CEO of Octav, said,
“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. So, it became clear to us that data labeling is missing in DeFi.”
Octav boasts a variety of esteemed Investors including Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET capital, CEO of Sagard Holdings Paul Desmarais and AAVE’s Mark Zeller.
“We are building the platform that deciphers all DeFi transactions. 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 transactionsnot 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.”
“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.
“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.”
Octav’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 also allows anyone using the platform to contribute to the DeFi machine learning algorithm dubbed, ‘The Brain,’ by labeling any unknown transactions that are not yet part of the database.
Once user contributions are algorithmically verified, the update is pushed automatically to all Octav users who interacted with the same smart…