I am excited for the opportunity to start my internship at Multis, a “Fintech” startup, after spending almost six years working in an investment bank in Lebanon.
I come from a tiny country in the Middle East that not only survived the war, corruption, and financial crises, but somehow managed to thrive amid these complications. This came to a head with the collapse of the banking system in 2019, which was strongly linked to the government and the political events, since 1970. The currency was massively depreciated and strong, crucial restrictions were applied to the banking system. Financial regulations increased poverty and economic hardship.
Defi: Definitely the Future!
But this isn't an article about Lebanon, but my way of validating the necessity for decentralized financial systems, especially in third-world countries.
Throughout my first week at Multis, I understood the need for developers to find a safe and guaranteed environment, where money can be transferred or received, without intermediaries’ interference, and thus get a trust-less community.
Legacy financial systems are inefficient and expensive. Also, issues appeared in moving funds around. Hyper inflation played a role in the apparition of this new era.
I vote for “Digital Money”
My readings during my first week were centralized around one main subject : “Blockchain”, an innovation that sends digital money via a ledger without approvals needed. This amounts to a transfer of ownership from one ledger to another, with very low fees, which was the catalyst for Decentralized Finance.
Bitcoin and other crypto currencies function via a Peer-to-Peer Network, that can protect sellers and buyers from fraud.
I learned that all crypto can be visualized as a computer file that is then stored in a digital wallet which can live as an app on a computer or a smartphone. This allows for true ease of use. An increasing number of businesses use digital money in their daily transactions when they pay employees, suppliers, charges and others.
Multis : An easy-to-use Interface
Multis is the first B2B Wallet specially designed for companies with cryptocurrencies. At the heart of this lies the Multisignature Wallet, which gives the permission for teammates to act or securely unlock funds. Main characteristics of the Multisig is the flexibility a team can have in regards to the management of their funds since you decide on how many keys can open the wallet and the security it provides since it creates an extra layer of protection for users. And finally, Multisig wallets are non-custodial : You are your own fund manager, and have full control over you assets through multi-keys.
The benefit of this platform is the unrestrained access to funds 24/7, the facility of the short-term financing, and the rapidity of international payments : It is all related to both cost and time efficiency, and that is what really impressed me.
The need to bridge Fiat and DeFi is is a crucial next step in providing financial services to companies with crypto. Value of assets in decentralised finance increased by more than 100% in 2020, so finding a way to simplify its access through traditional means of payment is an essential next step for our company and for our clients.
Multis will work on linking both processes, by integrating current accounts, IBANs in both USD and EUR, along with the possibility of exchanging crypto currencies with money : these features will be integrated gradually. I look forward to working on this ambitious project.
Cheers to my Crypto family!