How Standard DAO organize their corporate spend with Multis Cards
Jan 18, 2023
What is Standard DAO?
Standard DAO is a globally distributed collection of citizens, investors, and builders.
They help Investors, Creators, Communities, and Companies unlock value from Web3.
Standard DAO provides a full-service Web3 product ecosystem. It's powered by the Standard Protocol dApp, and a secure asset-backed treasury. It includes blockchain validation, stable yield generation, NFT utility products, and tools for building Web3-enabled Engaged Social Networks. It's focused on organizing niche communities around defined mandates with shared economic value.
A typical customer route before entering Multis
Martin (CFO) and Aaron (CEO) launched Standard DAO and raised funds only in crypto. They decided to store all their crypto in the safest wallet on the market: Gnosis Safe. Smart move!
The team started with Request Finance to process crypto payments. Request was perfect for performing payments and getting paid by their crypto vendors.
But non-crypto vendors needed initiation to get started on crypto. From time to time, Martin or Aaron guided them to create their crypto set-up. But not everybody wanted to go to crypto. For those personas, they used to run payments through their personal LLCs. They had to use an exchange combined with their LLCs bank accounts.
That's why getting a bank account for their organization became a priority. And they knew the pains of getting a US bank account as a web3 organization.
But they didn't know Multis yet. The Standard DAO team found about Multis online using simple keywords: crypto corporate wallet.
3 major features were solving their pains:
Conversion to USD from a Gnosis Safe was a no-brainer. Standard DAO stores all of its treasury in a Safe. As said above, paying only in crypto today is not workable. Cash-out crypto to USD enables them to enter fiat payments in seconds.
Debit cards and ACH/Wire. These two means of payment allow them to solve the pain of paying non-crypto vendors. Anywhere and anytime.
Frictionless and light-speed onboarding. Nobody wants to wait 3 months to get a bank account. Business needs to keep rolling.
The 1-day KYC allows them to focus and their business and scale faster.
Day-to-day with Multis Crypto Corporate Cards
Standard DAO was one of the first to onboard onto the crypto checking account.
After 1 month, the organization already saw time and control benefits with:
the all-in-one crypto/fiat accounting tool with automated tagging.
a smooth and quick conversion to USD
day-to-day expenses with reliable and viable virtual cards compared to their former corporate card provider.
We're happy to have Standard DAO at Multis. It means a lot for us to help DAOs organize and focus on their business. Let's build together the future of finance!
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!
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