With very few options that offered a reliable and stable "Plaid-like" integration experience with complete accounting-grade data sets from exchanges, wallets, and protocols, we decided to pivot from our original product back in 2022 and build our own "Plaid-like" API that worked. We launched Hatchfi to help people seamlessly connect their crypto accounts to any app, like an online bank account, supporting over 300 wallets, protocols, and exchanges with access to accounting-grade crypto financial data. After several micro pivots over the past year, we began to gain traction with several use cases, but ultimately, we were too early for mass market adoption.
The problem we were solving was and still is excruciatingly painful in the crypto integrations space. However, due to market conditions and scrutiny from governing agencies, there has been a significant reduction in native Crypto or crypto-hybrid companies adopting such platforms. Large institutions and enterprises are still 3 to 6 years out with data observability, but they continue to focus on custodial ownership of digital assets and payment infrastructure in the near term.
That being said, we have a few announcements to make. The founding team is pivoting and moving on to build within the Web3 observability space at Y Combinator this summer in the Summer 23 batch with our new product, Monitaur. We have closed off new signups, and are still actively providing support for our current customer base. The API will remain available for existing paid customers for twelve months hosted on our infrastructure.
After going back and forth, we've decided to open-source Hatchfi and rebrand the product to from Hatchfi to Enfra.xyz. Why are we doing this you may ask? Allowing builders to create an efficient open banking-like integration platform and API would be in the best interest in helping grow the Crypto and Web3 ecosystem to help drive mass adoption. We will have more details on this over the next few weeks as we figure things out.
Pivoting as a startup is always challenging. We came to this decision as a team and while difficult to digest, we will continue to create products people love in order to help increase adoption of Web3 and crypto technologies into the world of Web2.
We want to thank everyone for their support as we ship products people love and that are truly passionate about the Web3/crypto ecosystem.
Stay tuned for updates via our website!
Hatchfi is a SOC2-compliant crypto integration platform & API that securely connects users' crypto accounts to any app as they would connect to an online bank account. Built by developers for developers, Hatchfi brings the highest quality human readable data with seamless integrations together, making it possible to create crypto-powered fintech apps in an afternoon instead of months. Hatchfi's mission is to bridge Web 2 and Web 3, unlocking the benefits of financial tooling for communities globally. Founded in 2022 by Carlos Feliciano and Casey Wilcox, Hatchfi is headquartered in San Francisco.