The GODA saves hours every week using Multis' corporate exchange
improvement in reporting timeliness
time savings on bookkeeping
Longer Description of Company
Longer Description of Company
About the GODA
The GODA is an enabler for traditional artists in the digital art space.
For artists to harness digital art's influence, the GODA ensures artists and opinion leaders have seamless and impactful drops that align with the value of their art.
For collectors, GODA offers a mint pass to access all future artist releases and the market's best drops. To meet the expectations of collectors, the GODA team curates a collection that includes renowned figures from the traditional art world and hand-picked up-and-comers.
In a nutshell, traditional artists are able to translate their art on-chain in the form of NFT's, and collectors from all over the world can access it through the GODA mint pass.
Seeking for structure in financial operations
The GODA was created in 2021, and started generating revenue in early 2022. The first step to that was getting a bank account. But we all know the story — the KYC process in legacy banking is painful for crypto native companies. Only very few make it through.
Andrew Drayton, Head of Operations at the GODA tried opening an account at the legacy banking firm, but quickly shifted his attention to new options because of the cumbersome load of paperwork needed.
The GODA also quickly started generating revenue and royalties from their NFT sales, and started accumulating crypto treasury, while also dealing with expenses towards PR companies, social media platforms and legal/third party services that only accept fiat currency.
Therefore, two issues and needs had to be answered:
Getting a corporate bank account that can link with crypto wallets
An exchange to convert their crypto to fiat, and their fiat to crypto
ACH/Wire/Cards to pay for third party services
Finding a software to fill in the gaps
Pre-setup, the GODA was equipped with both a company Ledger and a Multi-signature wallet to store company funds. The missing piece was clear — a tool to bridge the gap between their revenue and expenses.
Andrew was brought to us when searching for a corporate crypto bank account, and was surprised to find out that we could offer much more. He quickly got in touch with Multis to make funds usable and hence complete the GODA's financial stack.
Being able to have access to a corporate bank account in such quick fashion is the game changer most companies look for, and Andrew made no exception.
Only a couple hours were needed between onboarding and first transactions for the GODA, as they were able to instantly off-ramp their ETH funds into USD, and start sending out wire-transfers to their partners.
Financial reporting and bookkeeping is another side of operations that Multis helped out with. With funds being scattered across a multi-signature wallet and a ledger, tracking of transactions coming from both NFT sales and royalties could be a long and tedious process.
By plugging in the Ledger address as a tracked wallet, Multis is able to extract transaction information and use categorization rules to automate expense labelling. Knowing the ins and outs of crypto accounting, it's coming in handy for the GODA in their first year of revenue.
More structure, less time
With approximately 90% of their daily spending made in fiat, Multis has recently become a strong tool for the GODA's financial stack, and a real timesaver.
With the GODA, we've achieved our goal to become a centerpiece to making corporate financials easy for crypto companies.
For Andrew, "the biggest headache of off-ramping is made easy with Multis".
We're honored to have such a prominent NFT brand such as the GODA as a user. Catering to NFT projects is huge for us, and we're glad to be able to offer features that are game changers for them.
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!