pafin Inc. (Co-chairman: Amin Azmoudeh and Gaku Saito, hereinafter “pafin”), the provider of cryptact, the automatic profit and loss calculation service for crypto-assets (cryptocurrency), will officially launch defitact on June 5th, 2023.
This new service – labeled “Your Web3 Sidekick” – will allow users to aggregate DeFi and NFT transactions on blockchains, and visualize on-chain activity such as lending and staking. In addition, the quantity and market value of crypto-assets held and deployed are summarized. This is the first time that a crypto-asset profit and loss calculation service provider is offering a blockchain asset management service in Japanese (*1).
In the future, the Company will work on integrating defitact with the existing cryptact service to provide a comprehensive end-to-end solution from asset management to profit and loss calculations, with the aim to support all activities in the emerging Web3 era.
(*1) According to our research using internet search data.
Background: the growth of Web3
In the Web3 ecosystem, we have seen rapid development in several different areas in recent years. One such example is DeFi (Decentralized Finance), a new form of financial interaction that utilizes blockchain technology. There is a growing interest in DeFi, and it is rapidly growing with its market size reaching approximately 100 billion dollars at the end of 2021 (*2). In DeFi, there is no centralized body that manages assets, and individuals are responsible for managing their assets in their own software/hardware wallets as well as other devices. However, as transactions on utilizing DeFi, NFT trading and NFT gaming (GameFi) take place without going through a centralized intermediary (exchange), it has been difficult for individuals to understand in real-time when and how many transactions were made. Understanding the implications towards asset values of those transactions is another challenge.
(*2) The Japan Research Institute, Limited “DeFi（分散型金融）の拡大と指摘される金融リスク(the expansion of DeFi and the anticipated financial risks)” https://www.jri.co.jp/page.jsp?id=102829
About defitact – Your Web3 Sidekick
defitact, using the wallet address information that users provide, the service instantly and automatically aggregates transactions on the blockchain and visualizes on-chain activity as well as portfolio data. It allows users to get a real-time understanding of individual transactions deployed on various decentralized applications (smart contracts), as well as the balance and market value of the assets in their wallets. It provides administrative capability that acts like your Web3 sidekick and supports efficient portfolio management.
Official website (URL): https://www.defitact.com/en
Features
- Completely free
- Japanese/English language support
- All information is retrieved automatically
- Lists the status of each token in user’s wallet, including balance and market value
- Graphical display of the percentage of tokens on each blockchain and the percentage of deployed DeFi assets
- Displays on-chain activity and value of loan operations, liquidity provision, staking and lending on each DeFi platform
- Displays a comprehensive list of all transaction history and asset movements
- Market values are available in three accounting currencies: Japanese Yen, US Dollars and Euros
- Integration with crypto-asset profit and loss calculation service cryptact (Coming soon)
- NFT management capabilities (Coming soon)
- Portfolio management with capabilities to group multiple wallets together (Coming soon)
Supported blockchains
- Ethereum
- BNB Chain
- Polygon
- Arbitrum
- Optimism
- Avalanche
- Fantom
Supported DeFi platforms
Uniswap, Sushi, PancakeSwap, Aave, Curve, Convex, Compound, Balancer, Venus, GMX, Beefy, Velodrome, Trader Joe, and many others. We plan to continually introduce support for other blockchains and DeFi platforms in future, with a focus on the services that our users are actively interacting with.
The following video explains how to use the service:
pafin’s service offerings
Crypto-asset profit and loss calculation service cryptact
https://www.cryptact.com/en
One of the largest crypto-asset profit and loss calculation platforms in Japan with over 100,000 domestic users. It provides automatic profit and loss calculations for crypto-assets and asset management services to support tax return filing needs.
Financial information platform fintact
https://en.fintact.io/
Financial information platform to support investment decisions. It provides unique content on finance, economics and investment for individual investors. It includes Ideabook – a portfolio simulation and an investment SNS tool – and open 1on1 – an IR service for corporations to attract individual investors.
Contact for public relations and media/press coverage-related inquiries
pr@pafin.com