Tres Raises $7.6M to Build Financial Data Lake for Web3 Platforms

Tres, which has built the first financial data lake for Web3 companies, announced that it has raised $7.6 million in a seed round “led by boldstart ventures, with participation from F2; Mantis in partnership with The Chainsmokers; New Form; Kenetic; Blockdaemon Ventures and Alchemy.”

Offering one source of truth for crypto financial data, Tres’s next-level data coverage and integrity “empowers Web3 businesses to monitor, manage and automate their Web3 finance.”

Notable angels also participating in the investment round “are Michael Shaulov, CEO, Fireblocks; Michael Gronager, CEO, Chainalysis; Jesus Rodriguez, CEO, IntotheBlock; Itay Malinger, CEO, Curv; Konstantin Richter, CEO, Blockdaemon and others.”

Tres has Web3 customers “in the US, Israel and Europe, including Hivemind, Stakely and Blockdaemon, and has monitored, analyzed and reconciled crypto assets of more than $40B dollars.”

Tal Zackon, Co-Founder and CEO said:

“Web3 businesses are struggling to manage the exponential growth and complexity of financial data across digital assets. Tres’ financial platform provides an unparalleled level of visibility, monitoring, alerting and automation to Web3 finance teams and seamlessly translates high volumes of raw blockchain data into actionable information. We are thrilled to have the backing of the industry’s leading VCs and highly regarded crypto giants as we build out our platform.”

The global crypto market cap is $1.06 trillion “as of August 1, 2022.”

Approximately $112 billion is “traded in cryptocurrency per day, and there are more than 6,000 different types of cryptocurrencies.” The global blockchain market is “predicted to go up to $23.3 billion by 2023.”

Accordingly, there is “a massive volume of crypto wallets, accounts, platforms and products available today.”

Tres enables the collection and aggregation of digital asset data “across disparate wallets, accounts and platforms, reducing the workload of manual spreadsheets — a process prone to human error — by 80%.”

The data is organized and enriched and “allows finance teams to work with it the same way they handle fiat data, making the user experience seamless and familiar.”

Streamlines financial operations

Finance teams “gain access to real-time, accurate data for use in a wide range of applications —considerably streamlining financial operations —including accounting, reconciliation, ERP integrations, risk analysis, enterprise grade DeFi dashboards, reporting, financial stress testing and treasury management.”

Significantly, Tres’s data engine can “process tens of millions of transactions from on-chain and off-chain sources on a monthly basis, 10X more than any current tools out there, all while maintaining complete data integrity.”

Tres also “gives back to the developer community with its open source Chrome extension that allows users to view the data in any dApp wallet without having the private key.” All data is “available on the blockchain; the Tres extension simply allows a faster workaround.”

Ed Sim, Founder, boldstart ventures, remarked:

“Tres’s vision is to underpin the Web3 economy by unifying the myriad of financial data in one central, organized and crypto-native platform that finance teams can seamlessly work with from day one. Companies like Tres that are preparing the world for Web3 have infinite use cases and it’s a delight to work with Tal Zackon, Elion Lotem and their team.”

Enzo Coglitore, Partner, Alchemy Ventures, said:

“Web3 promises to be a complicated ecosystem of digital assets and the need for a financial data lake like the one provided by Tres is going to be absolutely critical to any company that needs to monitor, analyze and report effectively. We think Tres is going to be a game-changer for Web3.”

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