The funding round was led by Basis Set and with participation from Valhalla, Caffeinated, Moonpay, Alumni, MDig and Alpine. Entendre Finance used the funds to launch a platform that can help finance teams automate blockchain financial operations. According to prnewswire.com, the launch comes in the context of an increased need for businesses to access proper financial controls for on-chain activities.
Entendre Finance wants to support Web3 by automating on-chain financial operations and minimising operational costs so businesses can focus on innovation. The platform was designed to be scalable, easy to use, and customisable for businesses that want to implement blockchain transactions into their ecosystem.
According to icaew.com, blockchain has the potential to enhance the accounting profession by reducing the costs of maintaining and reconciling ledgers and providing absolute certainty over the ownership and history of assets. Blockchain can also help accountants gain clarity over the available resources and obligations of their organisations while freeing up resources to concentrate on planning and valuation, rather than record-keeping.
Entendre’s automated double-entry accounting solution is powered by AI, and it can record entries for any blockchain transaction. The platform supports several blockchains, and it can integrate with leading accounting platforms and different Web3 applications.
Entendre officials cited by prnewswire.com emphasised the importance of the next 12 to 24 months for the longevity of blockchain companies and adopters. They also revealed the company’s goal to onboard as many businesses as possible to support their continued growth while minimising their accounting costs.
Representatives from Basis Set, the leader of the aforementioned funding round, talked about Entendre and highlighted the company’s ability to bring transparency and accountability to the world of blockchain transactions. They also mentioned that their comprehensive solutions can help businesses of all kinds, ensuring robust financial controls for on-chain activities.
Founded in 2023, Entendre Finance is headquartered in New York, and it specialises in giving companies a competitive edge in Web3 by reducing their operational costs and human capital. The company aims to achieve these goals by becoming the system of record for these companies’ on-chain activities and financial statements. Through its platform, businesses can focus on building innovative Web3 that fuel the adoption of blockchain technology.
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