Web3 finance platform Integral has closed an $8.5 million funding round led by Electric Capital.
Integral, which describes itself as a "real-time finance platform for web3 enterprises," estimates that its clients have processed $5 billion in "crypto accounting transactions" in the past five months using its tools.
"Real-time finance is essential for web3 companies," Integral founder Gui Laliberte said in a company statement and Twitter thread. "In web2, insights come 7-30 days after the month-end. In web3, 30 days could be the difference between owning $10 million and $5 million worth of crypto assets."
Electric Capital has invested in an array of web3 projects including Celo, dYdX, Kraken and Magic Eden, among others.
"Real-time finance is essential for any serious project in web3 and for any web2 company that is starting to explore web3," Electric Capital Co-founder Avichal Garg said in a statement. "All companies and protocols will need fast, scalable financial tools to stay ahead of the competition."
Other investors participating in the raise included former Coinbase chief technology officer Balaji Srinivasan, Anchorage Digital co-founder Diogo Mónica and Roham Gharegozlou, CEO of Dapper Labs.
Earlier today, another web3 accounting platform called Tres separately announced it had raised $7.6 million in a seed round led by Boldstart Ventures.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.