The bumpy road to launch your web3 business
We're saying at Multis that building a business is hard. So building a web3 business is even harder. And we know what we're talking about. Multis was born at the end of 2018 during one of the worst crypto winters.
Starting your web3 business creation marathon
We already spoke on this blog about the crypto pains when launching a web3 business. But it's always good to remember it:
- crypto funds are hard to keep track off
- payroll and simple payments are complex
- accounting is a nightmare
- unfriendly UX/UI is getting on founders nerves
Multis already offers a solution to these pains to help you get started. But we are now attacking a bigger problem.
Getting your crypto right is now easy with Multis, but there is still a slippery side: FIAT.
But why do web3 businesses need fiat? Unfortunately, everything can't be paid in Bitcoin, Ether, or Aave. Here's an interesting take from Coindesk if you're interested. Every web3 business must pay for IT or business lunch to run its operations. So diversifying your treasury with USD is necessary and inevitable.
But to access it, you have to get banked. And from there, it's a nightmare:
- Getting accepted by a bank is a marathon (more than 70% of our users need more than three months)
- Maintaining a solid and long-term relationship is a challenge.
You're banked. Great news! But how to convert your crypto income into USD for day-to-day operational expenses? Or convert your USD income to crypto for holding it? You need to access liquidity. Liquidity means exchanges. Getting approved and ready on Coinbase or Kraken can take months — same as a bank.
3 months later, your financial setup is done, and you can start focusing on your business. Let's build!
But it's not over completely: you will get smashed on conversion fees (1%). Moving your dollars to euros at the forex rate will kill you. Going from crypto to fiat will be a time-consuming process dealing with three tools simultaneously. Store your crypto on centralized exchanges is risky (especially nowadays). And we can go on for a long time...
The best of both crypto and fiat worlds
Multis's philosophy is "Not your keys, not your money."
That's why Multis has been a decentralized multi-signature wallet since day one. But designed for teams and designed for a fear-free experience. We know keeping private keys is a source of anxiety.
On top of that, we integrated a crypto USD account.
You can enjoy the serenity of holding your assets with your keys. And the possibility to cash out when needed to pay your operational expenses.
The best of both worlds.
Moreover, Multis is building it by pushing the best UX/UI ever created on fiat/crypto product bridges:
- Opening a web3 bank account takes less than a day.
- Crypto to fiat and fiat to crypto at 2 clicks away.
- The design interface allows storing your crypto in a decentralized way without anxiety.
- Web3 corporate cards, fiat or crypto payments to pay anywhere, anytime with any currency.
I hope this article will convince you to give Multis a try. If not, I'm available for a call to show what we can do for you!
Feel like trying our web3 bank accounts out? You can open an account in less than ten minutes here and join 200+ leading companies using our product!
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