Interning at a DeFi startup: the first week

Ania Atek
June 12, 2020

My first week at Multis was dedicated to my on-boarding, meaning that I got to listen to a lot of great podcasts, read even more articles and shower Thibaut, our CEO, with questions on anything and everything. I learned tons of stuff on blockchain, decentralized finance, but also startup culture and growth! Here’s what I discovered:

The next big thing

Have you ever thought about what it was like for people building the first computers, the first internet protocols, the first mobile apps? And how far their vision has come today? Well, this is pretty much where we are at with blockchain. Blockchain, a trust powered infrastructure, has many amazing applications, from politics and governance to finance.

Blockchain is considered the next big trend because it completely shifts the protocol (the infrastructure) and the applications paradigm. Internet protocols were originally designed as non-profits, so economic incentives were generated around applications. Big corporations were created, aka the GAFA, they captured most of the business opportunities and value, and pulled the talents. As they grew the ecosystem became more centralized, and the rules of the game became increasingly controlled by a few entities. This led to a less competitive and innovative ecosystem to improve the infrastructure.

The blockchain has, on the contrary, found a way to build new protocols in a decentralized manner (without any third parties involved) AND derive economic value from it (i.e tokens, most commonly cryptocurrencies). That makes the ecosystem, which grows at an unprecedented rate by the way, much more innovative. Also, the network, governed by its users, is very transparent.

There is a long way to go but thanks to this incentive system and the vision behind blockchain, more and more people are joining the network and working on making the whole infrastructure more performant.

What can you do with that you say? Let’s take a look at DeFi

Decentralized finance is basically an ensemble of financial softwares (smart contracts) built on the blockchain that can be pieced together like money legos.

DeFi was thought of as an alternative and decentralized global financial system: open, transparent, resilient, built and controlled by the community. The idea is to have secured and quick access to all traditional financial services anytime, anywhere in the world, with just an internet connection. How it works is, instead of being managed by a financial institution, the services are run by smart-contracts on the blockchain.

Decentralized Finance empowers people with economic freedom by overcoming the traditional banking system’s deficiencies.

Multis

Multis is addressing a major pain-point for crypto entrepreneurs and SMBs, which is being able to use their crypto-currencies, as a company, to perform business functions. They use DeFi to provide neo-banking services of better quality, faster, cheaper, and more secure. For example, businesses can use stable coins to transfer large amounts of money across borders instantly for free.

Our two founders have crafted a multi-signature wallet — meaning you need validation from multiple authorized members of your team to securely unlock funds and act on them — that allows companies to store crypto, save & invest treasury with high yields, pay staff and vendors and convert their crypto. This is all done with a simple and beautiful user interface so that anyone in the company can use it!

They truly leverage the power of DeFi, aggregating smart contracts, i.e protocols, to provide all the financial services businesses need (with more to come!), while effectively removing frictions from the usage of the blockchain (poor UX, gas fees).

And because traditional currencies aren’t going away any time soon, Multis is working on adding fiat and legacy finance integrations (EUR/USD accounts, cards, IBAN…) to answer all business needs seamlessly with a single interface.

You can pre-register here by the way.

Growth

Growth is absolutely fundamental, along with the product, they are the backbones of any good startup. And so, I am super excited to start working on the company’s growth strategy and execution.

We have a great product, an ambitious vision, it is now time to spread it!

Get the Guide!
Breaking Legacy: A CFO's Guide to DeFi & Digital Assets
Decentralized Finance (or DeFi) and digital assets aren't just a fad or a bubble. They have the potential to provide value to people typically underserved by traditional banking systems, in particular small and medium sized enterprises. Learn how SMEs can leverage decentralized financial services including:
High interest savings accounts that earn more than traditional bank accounts
Accepting payments in digital assets before incorporation
Receiving instant loans
Invoice financing solutions
Paying salaries instantly in digital assets with no cross-border payment fees
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