Exciting times: Direct Transfers are now live on Multis! With this, we’re building a smart way to manage business spending with crypto, from a single multisignature wallet. Spending policies, flexible payments, team allowances, transaction monitoring, all-in-one.
With Direct Transfers, executives can now invite team members to their company wallet as guests, and allocate them petty funds to make spending on-the-go more convenient. A intuitive way to empower teams and keep control over company’s spending at all time — with no frictions.
Multisignature wallets are a powerful tool to secure funds as a team: founders and executives can set up daily thresholds and require confirmations for any Ethereum transactions — whether it’s about spending or managing smart contracts.
But they’re still clunky when it comes to actual spending in an business environment:
With Direct Transfers, Multis is bringing multisignature wallets to an unprecedented level of customization and convenience: executives can set approval workflows & spending policies, invite team members and give them allowances to let them pay with crypto from the company wallet. And they can monitor company’s spending at all time.
Let’s say Pepper Potts wants to book tickets to go to Devcon in Osaka. She needs c. 1'000 DAI to proceed.
Founders send 1'000 DAI to Pepper’s hot wallet, from their own individual wallet. She makes the transaction, gets her ticket, and saves the invoice.
Making two transactions for a single payment creates unnecessary frictions and makes accounting reconciliation more complicated. Just imagine when Pepper starts organising meetups, paying for catering, etc.
The only way to reduce those frictions would be to give Pepper full access to the company’s funds, which may expose the company to rage quits.
From their Multis company account, founders can invite Pepper as a guest and give her an allowance for marketing expenses. She can buy Devcon tickets from the company account without requiring confirmations, and she can keep spending until her allowance gets to 0. Since Pepper uses the company wallets, her transactions are consolidated: founders can see where their company’s money goes in real time, without wasting time on tedious accounting reconciliation.
Note: make sure they’ve linked their email address to their Metamask or Portis account — they need it to sign transactions in-app.