Skip to main content

Multis is a business bank account for cryptocurrencies

Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round.

Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group.

“It’s very complicated to manage crypto as a company. As soon as you want to hold crypto or start paying employees and contractors, it’s a giant mess,” co-founder and CEO Thibaut Sahaghian told me.

If you’re familiar with startups working on business banking, such as Qonto, you already know what to expect from Multis. It’s a software-as-a-servie product designed for teams.

Image Credits: Multis

After creating a Multis account, you can add other team members and set permissions and limits. Behind the scene, Multis is a multisignature Ethereum wallet. The company doesn’t control the keys, which means Multis can’t access your funds.

“From a regulatory point of view, it’s been very useful because we don’t hold assets and we can’t review and block transactions,” Sahaghian said.

Thanks to the multisignature design, you can create an approval workflow so that each transaction needs to be approved by a certain number of people on the team.

Multis supports Ethereum-based ERC20 tokens, which means you can also use stablecoins, such as USDC and DAI. This way, you’re not exposed to cryptocurrency volatility when you choose to keep all your assets in USDC for instance. You can swap tokens from Multis directly.

Once you have assets in your Multis account, you can issue payments to employees, contractors, partners, suppliers, etc. You can save addresses and other relevant information to streamline payments in the future.

Centralizing all your crypto transactions on Multi can be useful when you need to file your taxes. You can export all your transactions and hand them over to your accountant.

And if you have too many assets on your hands, you can invest some assets and earn interests thanks to DeFi products. The company uses Compound for that feature.

Right now, Multis clients are mostly companies working on blockchain products, generating revenue in cryptocurrencies or paying people using stablecoins. But the company wants to simplify its product by adding EUR and USD accounts with cards and IBANs.

Multis could act as a bridge between fiat currencies and cryptocurrencies. Companies with offices in multiple countries could use it to save money on intercompany fees. The startup is still working on those new features, but it could lead to some interesting use cases.

DeFi aims to bridge the gap between blockchains and financial services



from Startups – TechCrunch https://ift.tt/33cHCM5
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...
Post a Comment
Read more