Pantera Capital Partner: Detailed explanation of Web3 financial management tool Multis
Original title: "
Original title: "Web3 OS》
foreword
foreword
Web3-native businesses such as DAOs are launching and growing at an unprecedented rate. Through 2021, the total assets under management of DAOs has increased by 40 times, reaching a peak of 16 billion US dollars by the end of the year, while DAO members have grown from 13,000 to nearly 1.6 million participants.
Despite the growing popularity of Web3 business models, most businesses have poor processes and infrastructure for handling finances. Tasks like payroll, tax reporting, and transaction tracking are often handled through uncomfortable solutions like Excel spreadsheets, which are highly error-prone and unsustainable as businesses grow in size and complexity.
Multis is a new encrypted asset management platform specially designed for Web3 enterprises and DAOs. Within 2 weeks of project launch, over 300 organizations have set up Multis accounts, including Compound Labs, The Sandbox, and Teller Finance. The project has raised $7 million in investment from Sequoia Capital, Y Combinator, MakerDAO, Ryan Selkis, Jack Altman, and several other prominent Web2 and Web3 investors.
Multis is built on top of Gnosis Safe - a powerful smart contract wallet with features like multi-signature transactions, the security of a hardware wallet, and native integration with DeFi (decentralized finance) protocols. Gnosis has become the industry standard for how crypto organizations hold their assets, with over $86 billion in digital assets held in Gnosis Safe.
Multis integrates with the enterprise's Gnosis Safe and gives teams greater visibility and control over their finances with the following features:
Monitor assets, capital inflows and outflows, and display the balance history of different wallets for enterprises on different blockchains
Analyze deals with custom annotations and tags, enabling teams to easily search and filter their deal history
Simplify accounting, allowing teams to export transaction history as comma-separated values, or import transactions directly into QuickBooks
Collaborate with other team members by setting up real-time notifications for transactions for multis, or share transaction data with external accountants with granular permissions
Set up automated workflows and payments for core business functions to streamline processes such as payroll and reporting
The Multis team is currently working on more features to simplify the financial operations of Web3 businesses, especially around the transition phase between cryptocurrencies and fiat currencies. Soon, Multis will allow businesses to easily integrate their wallets with USD checking accounts and issue debit cards with custom controls for their employees through a partnership with FDIC (Federal Deposit Insurance Corporation) insured banks.
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The Rise of Web3-Native Enterprises
With the growing popularity of crypto and DeFi, Web3-native businesses—especially DAOs—are launching and growing at an unprecedented rate. In 2021, DeepDAO, currently the most popular DAO analysis website, reported that DAO assets under management (Asset Under Management) increased 40 times, from $400 million in January to more than $16 billion in December; by the end of the year, DAO members It also increased from 13,000 to nearly 1.6 million. More and more organizations are choosing decentralized governance over bank-custodial assets like corporate bureaucracies and token-based vaults.
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What are Multis?
Multis is a new crypto asset management platform designed for Web3 enterprises and DAOs. The platform allows organizations to organize crypto assets across different wallets and blockchains, greatly simplifying the complexities of crypto accounting and making it easier than ever for teams to gain insight into their spending and cash flow.
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How do Multis work?
Multis builds on Gnosis Safe: the current standard for web3 enterprise control over funds. Gnosis is a very powerful smart contract wallet that allows businesses to easily achieve multi-party fund control, enhanced security through hardware wallets, easy-to-use integration with DeFi protocols, and more. So far, more than $86 billion in digital assets are held on Gnosis Safe by companies such as ENS, ConsenSys, Aave, and SushiSwap.
Multis can integrate with businesses' existing Gnosis wallets, or can help them create new wallets to store their funds. From there, Multis gives its users greater visibility and control over their cryptocurrency finances through the following features:
Monitoring: Users can easily view assets, inflows and outflows, gains and losses, and balance histories across multiple wallets on Ethereum, Bitcoin, Binance Smart Chain, and Polygon.
Transaction Analysis: Users can annotate transactions across their different wallets with custom notes, expense categories, and file attachments such as invoices. They can also search and filter their transactions by wallet, category, blockchain, sender or recipient, and more.
Accounting: Users can export the full history of their transactions in comma-separated value format, or import transactions directly into Quickbooks via Multis' integration (beta). Businesses can also assign administrator or read-only access to transaction history for their accounting teams.
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What's next for this project?
In just two weeks after Multis' public launch, more than 300+ Web3 businesses have created accounts on the Multis platform. These include Compound Finance (a lending marketplace), The Sandbox (a gaming platform) and Teller Finance (an unsecured lending protocol); executives from all companies have already raved about how Multis has streamlined their financial operations.
final thoughts
final thoughts
DAOs and other Web3-native businesses are pushing the boundaries of how organizations control and leverage their capital. Unfortunately, as these businesses grow in size and complexity, the tools for the vast majority of these businesses to manage their finances remain immature, difficult to maintain, and unable to scale. As Compound Labs CEO Robert Leshner puts it, “Crypto business operations are the unspoken annoyance of DeFi entrepreneurs.”
Multis makes it easier than ever for Web3 to have comprehensive, granular visibility and control over their financial health. The platform greatly expands the capabilities of Gnosis Safe, enabling teams to easily track wallet and blockchain balances, record and annotate transaction history, and streamline and collaborate on central accounting workflows. Soon, Multis will further enhance the capabilities of Web3 businesses, allowing them to easily integrate with USD checking accounts, enable debit cards for team members, wire transfers to partners, and more. Ultimately, the overhead of managing your finances can be minimized. Multis enables Web3 businesses to use their capital more securely, more transparently, and more efficiently than ever before, allowing these businesses to continue to grow and focus on their core vision rather than the details of operations.
