Much ink has been spilled about bootstrapping- or launching a business with minimal to no outside investment. For an increasing number of startups, a lean model is a gold standard, allowing founders to devote time and resources to product development and not towards fundraising. However, nobody said that bootstrapping was easy.
Entrepreneurs are forced to be ruthless when it comes to deciding where to allocate time and resources. We spoke to our client Alex Svanevik, co-founder and data scientist at Nansen, about why he chose to open an account at Multis despite the fact that Nansen is still a young company and they are actively bootstrapping.
“We’re happy using Multis…We’re at an early stage and need to bootstrap but I made the case for paying for Multis.”
At Nansen, a start-up that analyzes Ethereum wallet activities, most of their revenue comes from crypto. Even though they had a wallet through Coinbase Commerce, this wasn’t practical for their team. “We knew that we needed a banking account that the whole team could use, even the non-crypto natives,” Alex explained, “The deciding factor in choosing Multis was that you cover network fees, and the user interface is easy to use. We set up our account rapidly. Multis is where we store funds and we then lend them out with Compound to earn interest.” After trying Multis for free for the first month, and seeing the interest they were earning, the team was convinced.
Decentralized Finance and Crypto: Helping startups earn before incorporating
Crypto can alleviate many of the hassles that can come with getting a business off the ground. Users can set up accounts (or wallets), receive and deposit payments, and earn interest rapidly. Let’s take an e-commerce startup as an example. The founders may want to start selling as rapidly as possible. If they only accept payments in traditional currency, they’ll need to spend considerable time incorporating before they begin doing business. In order to get a Paypal account you need to be a registered company. Same goes for opening a business bank account- even if you open an account at a neobank- they require that your company be registered and incorporated.
Crypto, on the other hand, allows for a near-instantaneous set-up. Creating a wallet, or an account, can be done in a matter of seconds. This means that you can earn money while you’re waiting to be officially incorporated. If we go back to the hypothetical e-commerce startup, they can set up a wallet and begin accepting payments in various cryptocurrencies. They can see right away how appealing their product is and, if they are using a bank like Multis, can instantly take advantage of high-end services offered by Decentralized Finance.
How do I open an account on Multis?
Creating an account on Multis can be done from scratch in a matter of minutes. Here is how:
Be sure to have a web3 account, or create one on portis.io. This can be done in a few minutes and will ensure that all network fees will be paid by Multis. We ask that you load your account with minimum of $2 worth of ETH.
Go to Multis and click on “Open Account’
Sign-in to Multis and enter your email address.
You will be emailed a link. Click on that link to validate your email address.
You will now be signed in to Multis.
Now click on “Create Wallet”.
Portis will pop up and ask you to sign the transaction. Click “Confirm” to deploy the Multisig contract to set up your wallet.
Don’t close the window! This should take less than 3 minutes.
Welcome! Your company account has been created!
Multis makes it easy to start earning money
- Users can open an account before they’re incorporated. All that is needed is a web3 address.
- Unlike a traditional business bank account- which can take over 2 weeks to set up- creating a fully functioning account in Multis can happen in a matter of minutes.
- Users have instant access to high-end financial services, like high-interest bearing accounts that in a traditional banking structure would require an asset manager and would not be accessible to a startup.
- Our UI is unmatched in the space. Users have a holistic view of their accounts, and can see transactions as they’re made.
- Multis covers network fees thanks to our GSN enabled Portis wallet
Interested in earning before your company is incorporated? Set up an account at Multis and get a 1 month free trial.