ConsenSys accounting software spoke Balanc3 is shutting down

Balanc3, a ConsenSys incubated accounting SaaS project, is shutting down according to an email reviewed by The Block.

Unlike other spokes that have recently "graduated" from ConsenSys Labs under the ConsenSys 2.0 era, it appears the market for portfolio tracking tools has been relegated to basic table stakes from various crypto data provider offerings now in the market.


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According to the decommission email Balanc3 clients received, "ConsenSys is committed to maintaining a portfolio of companies that support the growth of the Ethereum ecosystem. Projects across the ConsenSys mesh are constantly realigning to build the next generation of decentralized tools and meet market demand. As part of this process the Balanc3 application will be decommissioned on April 15, 2019."

Originally dubbed, "The Quickbooks for Token Launches" the company built tools to monitor on-chain transactions and public addresses in a packaged data format traditionally seen in accounting and compliance formats. The portfolio tool allowed token teams and other projects to track digital asset balances and run other analytics.

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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