Octav, a DeFi labeling and tax reconciliation platform, has raised $2.65 million in seed funding to help label the DeFi ecosystem and become the “QuickBooks of crypto.” The platform is led by Mathieu Baril and Luc Blackburn, both of whom have worked at companies like Zapper, Accedian Network and Otodata. Octav boasts a variety of esteemed investors, including Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET capital, Paul Desmarais and Mark Zeller.Octav’s platform includes a DeFi labeling database, portfolio dashboard and data analytics such as cost basis, profit and loss and fees paid. It also allows users to contribute to the DeFi machine learning algorithm, “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 contract.The capital will be used to integrate more chains to capture the entire DeFi ecosystem. In the long term, the co-founders plan to focus on integrating with current crypto tax platforms where Octav’s database would help as a pre-tax facilitator, reconciling all of a user’s transactions before being ready for tax software. Octav is currently in beta with thousands of users, seven integrated chains and over 100 million transactions indexed to date. Octav’s goal is to provide DeFi enthusiasts with an easy way to understand their transactions and data in one convenient dashboard. The platform is designed to help users decipher all their DeFi transactions from block explorers and provide them with a complete defined database of all DeFi transactions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇨🇦 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | None, Paul Desmarais, Luc Blackburn, Mark Zeller, Mathieu Baril |
| Companies | Spaceship DAO, ACET capital, Polymorphic Capital, AAVE, Parallel Studio, Investmeows, Sagard Holdings, Speedinvest, Nascent, Possible Ventures |
| Currencies | US Dollar, Ethereum, Aave, Bitcoin |
| Securities | None |
