Trace, a financial “data lake” for Web 3 companies, has raised $7.6 million in a seed round led by Ballstart Ventures, founder and CEO Tal Zack, shared exclusively with TechCrush.
Investors include F2, The Chainsmokers’ venture fund Mantis, New Form Capital, Kenetic Capital, Blockdaemon Ventures and Alchemy. As well as angel investors like Fireblocks CEO Michael Shaulov and Chinalysis CEO Michael Gronager.
The Tel Aviv-based firm aggregates crypto data across multiple wallets, accounts and platforms, so financial groups of crypto entities can better understand what’s going on in their business without needing crypto-native knowledge and experience to collect the data, Zaccone said.
Its platform enables businesses to track and manage their Web3 assets on- and off-premises by enabling financial workflows, such as balance calculations or auditing and reporting, across any on-chain or centralized financial data sources, Zackon added. “Having all the data related to your business in a data lake in the raw data and financial data in the format you need, eliminating the need to manually collect, move, edit and calculate the data.”
“CFOs are struggling to understand what’s happening in financial metrics because they haven’t grown up in this space, where new protocols and products are coming out all the time, unlike traditional finance,” Zaccone said. “They don’t know how to handle it.”
The capital will be used to hire and build the product, Zaccone said. “I think today we’re working on onboarding customers and tailoring the product to their needs and pain points. The more we add, the more these use cases become and the more use cases open up.
“Currently, there are few technologies or platforms that help Web3 companies manage their finances,” Zaccone said. “They’re basically using Excel spreadsheets and blocking browsers like Etherscan to get thousands of their wallets from hundreds to billions of dollars – by hand – and that’s crazy.” That’s why we created this.
“We’ve been able to go cross-chain, cross-protocol, wallet, on-chain and off-chain,” Zaccone said. “Adding data whether it’s on Coinbase, Solana or anywhere else – all we need is your wallet address and we can pull all transactions from all wallets into one data lake. There’s no such thing today, you have to look at Ethereum data or Solana data one by one. But You can view it in full on our platform and cut it to your liking.
To date, Trace has tracked and analyzed more than $40 billion in crypto assets for clients such as Hivemind Capital, non-custodial staking platform Stakely and blockchain infrastructure firm Blockdaemon across the US, Israel and Europe, the press release said.
Although the current crypto market is fluctuating, the bearish and bearish sentiment is “really positive” for Treas, Zack said.
“When everything is booming and everyone is making money, no one is thinking about finance,” Zaccone said. But when things start to go sideways, you have to think about what you’re worth, how much runway you have, where the money is.
At the end of the day, Treas hopes to become the “financial backbone” for crypto organizations, Zaccone said.
