The guiding principles of Axie Infinity's finances: Clarity and Control
We asked Emma Norton (VP Finance at Sky Mavis) to highlight how her team leverages Multis to increase clarity and internal control.
Axie Infinity — a pioneer of crypto gaming
Crypto gaming has been for years a niche experience designed for a very small group of early adopters.
Until Sky Mavis.
The team launched Axie Infinity, which quickly became one of the most played games in the web3 industry. Axie Infinity is a digital pet universe and player-owned economy. It consists of a breeding game, a battle game, and a land-based "Clash of Clans" style game.
Sky Mavis has been able to build a fun, engaging gaming experience. They've also managed to scale infrastructure in a way that can support the most extraordinary growth in their industry. They're legends and first movers!
Growing pressure on financial operations
Sky Mavis and Axie Infinity used to rely on Safe wallets to make crypto payments to vendors and run their payroll.
Safe wallets are self-custodial wallets with built-in approval workflows. Funds can only be released if several owners use their private keys to approve transactions. It's robust and battle-tested but it's not designed for business. This makes spending management and reporting particularly challenging.
Axie Infinity struggled with manual and inefficient workflows to pay vendors and run their payroll:
- Finance team received the invoice
- Emma initiated the crypto payment and filled in address details from spreadsheets
- Emma notified admins that a payment was waiting for approval, via Slack/Discord or phone
- Other owners approved the transaction asynchronously
- Emma recorded payments on a spreadsheet (date, amount, $ price, counterparty, rationale)
This process was repeated over 30 times a month.
Axie Infinity has grown tremendously since then, reaching 1.8M daily active users in August 2021. They secured funding from world-class investors at a16z too.
This manual payment process is no longer scalable for such exponential growth. It's putting their financial operations under pressure:
- Higher volume of transactions makes it increasingly time consuming
- Finance teams have little visibility on who does what, why and when, increasing risk of misuse of the company's funds
- Payments are made from several wallets, on several networks, causing reconciliation overheads and human errors
Gaining clarity and control over crypto payments
Emma joined Sky Mavis and Axie to solve this problem. Soon, she realized that her team needed an efficient tool for processing payments and recording them.
With Multis, Emma and her team can save time, and get clarity and control over their crypto payments. They can:
- Define user access rights, let the finance team initiate payments, approve them with a simple approval workflow
- Batch up to 80 Ethereum payments to save time and up to 30% in gas fees.
- Monitor payments in real-time with email notifications and team spending analytics.
- Enrich transactions with tags and pdf invoices and enjoy reporting analytics like spending breakdowns — therefore facilitating bookkeeping.
More time, more control
As a result, Emma and team have been able to automate spending approval workflows and transaction recording. They have managed to save hours on tedious low-value tasks and prevented human errors. They've also reduced reconciliation work and improved dramatically the accuracy of their financial records
More importantly, Emma and her team can now leverage a convenient application designed with business in mind:
- An easy-to-use product designed by finance professionals for finance professionals
- A white-glove team dedicated to support Axie Infinity 24/7
We like to think we're building trust in a trustless world: we strive to enable web3 professionals to focus on business with more peace of mind 😀
Feel like giving it a try to our crypto corporate bank account? You can open an account in less than ten minutes here and join 200+ leading companies using our product!