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), officially launched 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
• 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)
• BNB Chain
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: https://youtu.be/3GEmHJ83-lI
pafin Inc.’s service offerings
Crypto-asset profit and loss calculation service cryptact
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
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.
Company name: pafin Inc.
Location: Kojimachi HF Building 5F, Kojimachi 3-2-4, Chiyoda City, Tokyo, Japan 102-0083
Rep. Directors: Amin Azmoudeh, Co-CEO / Gaku Saito, Co-CEO
Date Founded: January 2018
About Representative Directors
Co-CEO and Representative Director, pafin Inc. (https://twitter.com/aminimaz)
After graduating from the University of Maryland in 2003, Amin joined Goldman Sachs Japan in 2004. He initially worked in technology in the GSPS team, a principal strategies unit managing the firm’s capital. In 2005 he changed careers internally to become a financial analyst and in 2007 transferred to GSIP (Goldman Sachs Investment Partners) as part of the spin-out of the team into GSAM. As a financial/analyst and hedge fund portfolio manager, Amin managed listed/unlisted equities, bonds, swaps, interest rate products, foreign exchange, derivatives as well as overall risk management. He was promoted to Managing Director in 2013 and retired from Goldman Sachs on December 31st, 2017 to found Cryptact.
Co-CEO and Representative Director, pafin Inc.
Advisor and Chairman of the Tax System Study Subcommittee, Japan Cryptoasset Business Association (JCBA)
Gaku worked at Goldman Sachs for 12 years. After initially working in the Principal Investment team, he became a hedge fund portfolio manager and managed a portfolio of up to 80 billion Yen. During his career at GS, Gaku managed assets including non-performing loans, private equity, real estate, legal liquidations, listed equities, bonds, foreign exchange, interest rates, CDS and derivatives. In 2019, he became a Representative Director of Cryptact Ltd. (the predecessor of pafin Inc.). In 2021, he was nominated to the be the chairman of the tax reform committee at JCBA.
現代ビジネス 「仮想通貨は相続する前に売ったほうがいい？知らないと大損する「相続の落とし穴」」 (“Is it better to sell off cryptocurrencies before they are inherited? Inheritance pitfalls that you need to be aware of”, Gendai Business)
We welcome media interview opportunities on this launch:
If you are a member of the media and would like to interview us on this launch, please contact us by phone or email below.