(Rejected) Tres Gets $7.6 Million in Seed Funding to Streamline Financial Operations in Web3 Businesses

Tres, an Israel-based enterprise-grade financial data lake for Web3 companies, has raised $7.6 million in seed funding to enhance its efforts of making Web3 business operations seamless.

Tal Zackon, the CEO and co-founder of Tres, pointed out:

“Web3 businesses are struggling to manage the exponential growth and complexity of financial data across digital assets.” 

He added:

“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.”

The seed round was led by boldstart ventures, with other players being Blockdaemon Ventures, Kinetic, and Alchemy.

Tres offers a single source of truth for crypto financial data and intends to enhance the monitoring, management, and automation of Web3 businesses. 

The financial data lake enables seamless user experiences by enriching and organizing data. Per the report:

“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%.” 

Tres will also help Web3 businesses streamline their financial operations like reconciliation, risk analysis, ERP integrations, treasury management, reporting, enterprise grade DeFi dashboards, and financial stress testing. 

Ed Sim, the founder of boldstart ventures, stated:

“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.”

On a monthly basis, Tres can process tens of millions of on-chain and off-chain transactions using its data engine, which is 10x more than present tools. Moreover, it maintains data integrity while undertaking these processes. 

Enzo Coglitore, a partner at Alchemy Ventures, noted:

“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.”

Meanwhile, crypto exchange KuCoin rolled out a $100 million “Creators Fund” to enhance the Web3 ecosystem and support early-stage non-fungible token (NFT) projects, Blockchain.News reported.