Mass Pay: A first step towards crypto payroll
Jan 17, 2023
At Multis, our goal is to make crypto payments as smooth as possible for DAOs and crypto companies— including crypto payroll. This is why we’re thrilled to announce that users will be able to make mass payments on their Multis account- paying up to 65 different wallets in a single transaction. This is a huge time saver and is paving the road for recurring payments and more complex crypto payroll operations.
Crypto payroll: huge benefits but often manual set-ups
The benefits of getting a paycheck (or part of a paycheck) in crypto are many: funds hit your account instantaneously, payments aren’t mediated by banks, and exposure to digital assets can be a great investment opportunity. Paying salaries in crypto is of course perfect for companies with dispersed, international teams.
The only problem? Paying salaries in crypto can be time consuming and anxiety producing. Very often, DAO and crypto startups founders have to make individual payments to team members from their own wallet in a process that can take hours. As a team grows and interest in getting paid (or partly paid) in crypto increases, a manual set-up can’t be scaled. One founder we spoke with talked about the struggle he faced, as a growing number of his employees wanted to be paid in USDC: “I do everything on my personal wallet which is massively unscalable, error prone, makes me the bottleneck in payroll processing, and doesn’t integrate with our accounting in any way.”
Mass payments: A step towards crypto payroll
Now paying multiple people on Multis is easy!
From the dashboard simply click on “Pay” in the toolbar in the left corner. From there, you’ll be walked through a 4-step process where you’ll be asked to:
Choose your currency (and remember, on Multis you can pay gas fees in whatever currency you are transacting in)
Label your transaction — making bookkeeping even easier
Add any notes or attachments for your own record keeping
Either manually enter in contacts from your company address book or upload a CSV with up to 65 ETH wallet addresses
With Multis, founders don’t have to “go it alone”. Our integration with Gnosis Safe means that you can invite your team to Multis and delegate tasks like payments to operations professionals. What’s more, labelling of payments before they are made means that the accounting is taken care of and can be easily exported as a CSV.