Multis is a Business Bank Account for Cryptocurrencies – ProWellTech

Posted on the 29 September 2020 by Thiruvenkatam Chinnagounder @tipsclear

Meet Multis, a French startup that's creating corporate bank accounts, except that it allows you to 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 is very complicated to manage cryptocurrencies as a company. As soon as you want to hold cryptocurrencies or start paying employees and contractors, it's a huge disaster, "co-founder and CEO Thibaut Sahaghian told me.

If you're familiar with startups working in corporate banking, like Qonto, you already know what to expect from Multis. It is a software-as-a-servie product designed for teams.

Once you've created a Multis account, you can add other team members and set permissions and limits. Behind the scenes, Multis is a multisignature Ethereum wallet. The company does not control the keys, which means that Multis cannot access your funds.

"From a regulatory point of view, it has been very helpful because we don't hold assets and can't review and block transactions," Sahaghian said.

Thanks to the multisignature design, you can create an approval workflow so that each transaction must 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 are not exposed to the volatility of cryptocurrencies when you choose to keep all your assets in USDC, for example. You can exchange tokens directly from Multis.

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 make payments easier in the future.

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

And if you have too many resources on your hands, you can invest some resources and earn interest thanks to DeFi products. The company uses Compound for this function.

Right now, Multis' customers are mostly companies working on blockchain products, generating cryptocurrency revenue 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 on intercompany rates. The startup is still working on these new features, but it could lead to some interesting use cases.

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