A lot is going on here at Multis! As you may already know, we're doing a major product upgrade designed at tackling one of the biggest issues in our industry: crypto ops. Now we're pleased to announce a successful completion of one of our biggest features: the ability to seamlessly track and label all crypto transactions across all wallets.
More growth + more wallets = more problems?
At the end of last year, we talked to over 150 professionals in the crypto business space. We wanted to know what they hated about dealing with managing their company's crypto. One thing that kept on coming up? Tracking wallets.
We spoke with a COO who said that his successful DeFi startup has around 25 wallets- ranging from Multisigs, to cold storage, to browser wallets. Reconciliation is a nightmare. "A lot of the time, our engineers will make a bunch of transactions over a period of days and they can't always remember where they were sending funds or the specific project. It's hard to reconcile." His company's current solution? A Google sheet and the honor system. In what should come as a surprise to nobody, he hates wallet reconciliation.
While this might seem like a minor annoyance that can be solved by hiring a determined accountant or ops professional, it can have more serious consequences on a business, in particular a startup. One early stage founder told us "Right now, I have a handle on tracking my crypto wallets- but it's because my team is small and we don't do that many transactions. As we grow, this is going to become problematic."
Building an account that tracks and streamlines crypto wallet transactions across networks
We knew that an ability to easily track spending across a large variety of wallets was an essential tool for any crypto startup. So this is why we are currently shipping:
- An ability to upload any wallet to your Multis account: from hardware, to browser, wallets, exchanges, or multisigs on the Ethereum and Bitcoin blockchains. All wallets can be tracked in one place.
- All transactions can be automatically labelled for maximum clarity.
- Network fees are listed separately from expenses
- A Contacts section eliminates the need to copy paste a long wallet address for recurring counterparties.
- Transaction history is consolidated across all wallets by date and can be exported as a .csv file for bookkeeping purposes.
We're super encouraged by the feedback we've been receiving, but when it comes to tracking there is even more to be done....
Accounting for DeFi transactions: the final frontier in crypto wallet tracking
Everyday the value locked in DeFi is growing and with it are promising projects and protocols. While these often high-yield projects can be a boon to companies looking to grow their treasury, new contract addresses, and brand new tokens can make bookkeeping difficult by adding an extra layer of complication. At Multis, we're bullish on DeFi and that's why we're integrating tracking methods for the some of the most popular protocols. Expect to hear more from us on this subject soon.
If you're interested in this feature and being onboarded as soon as it's officially released, then please let us know and fill out the Request Access form on the homepage.
Otherwise, if you struggle in dealing with the business admin side of your company's crypto- don't hesitate to check out our Slack community Crypto@Work.
We look forward to sharing our product development with you!