Multis: Designing a wallet for crypto business operations

February 15, 2021
Thibaut Sahaghian

As you can see from our new homepage, we've made some big changes at Multis. Product-wise we're transitioning from a DeFi friendly multisignature wallet for companies to a BTC/ETH account designed to tackle crypto business ops, from team payments to tracking and reporting. Our mission of providing business and financial services to companies with crypto has remained unchanged. While this product transition may seem abrupt, it isn't. I'd like to explain how we got to where we are now, and why we're doing what we're doing.

Idealism meets reality meets network fees

We started Multis with a lot of optimism and idealism- and we still have both. But these past 6 months taught us that our business couldn't be scaled. It was a humbling experience. Volatile network fees meant that onboarding prospective users was a long, clunky process. Our "gasless" accounts were no longer sustainable and were killed off this autumn. We knew things had to change. We got to work testing Layer 2 solutions for a future upgrade but we struggled in the present tense.

Likewise, integrating USD and EUR accounts was far more complex than we had initially thought. We still believe that integrating fiat and crypto is the future and it's something we're working on now but we didn't feel confident going full steam ahead without taking a hard look at how our company can help businesses with crypto in a meaningful way. So we put this integration work on hold and we started making some phone calls.

Call a friend

In Q4 we went back to the whiteboard and talked to over 150 entrepreneurs in crypto all over the world. Everyone on the team had an interview quota - we wanted to be sure we were all on the same page. Armed with interview tactics from The Mom Test and Lean B2B, we set off to find out what was keeping our interviewees up at night when it came to dealing with their company's crypto.

Business Ops: the dirty secret of crypto

Sure enough, a pattern emerged. People struggled with tracking transactions and balances, spending conveniently, and seamless fiat offramps. Behind promising DeFi startups was almost always a COO, CFO, or office manager swamped with tracking transactions, searching for ways to properly account for complex DeFi protocols, and spending more time than they'd care to admit running payroll in crypto or paying suppliers. Business Ops are the dirty secret of the crypto world. The real-world consequences of this are serious: businesses struggle to scale, time and ressources are directed towards manual administrative work, and the search for the proper tools (either software, consultants or accountants) becomes a business priority. Add to this a constant lingering fear that the bank might shut out a business account due to funds coming from an exchange.

We knew we were on to something because we've also experienced the same frustrations and anxiety as we've struggled with basic business operations. It's one reason why we don't offer salaries in crypto (even though we'd love to) - because crypto admin takes too damn long. (We also decided to launch a Slack community for the folks who struggle with the day-to-day grind of ops- you can learn more here.)

A crypto wallet made for business

So we are building a wallet that solves the very real problem of business operations in crypto. How?

Integrating spending features:

  • An automated payment workflow where users can set spending limits and get payments confirmed by the right people on time
  • The ability to make bulk payments
  • A USD and EUR account that allows users to go from crypto to fiat seamlessly

Including tracking features:

  • We've created a wallet that is BTC and ETH compatible and allows users to upload all company wallets and track spending.
  • Our holistic dashboard shows your company's digital assets and transaction history all in one place. We even track complex DeFi protocols and provide a banking-like transaction history that adds up.
  • Users can monitor financial performance of all currencies across all wallets
  • Labels make it easy to categorize expenses for easy automated reporting.

Taking into account bookkeeping:

  • Users can give their accountant reading rights which saves time on getting an accountant up to speed.
  • All data can be exported as a CSV
  • We are currently at work on an integration with Quickbooks and Xero accounting softwares

On the technical side, we have been moving to a more scalable wallet architecture and are pleased to say that network fees will be significantly lower than what they currently are on the old Multis accounts.

We've been hard at work, and growing our team (we're still hiring, FYI) to take on this product upgrade. We feel lucky to have the support of amazing investors and to have raised enough funds to absorb this change in direction.

Already have a Multis account? You're good

For our users who currently have a Multis account, nothing will change. You can still access your wallet and use your account like you have been.

Getting onboard for our Business Wallet

We will be rolling our new wallet out feature by feature for a limited group of users. If your team is interested in being part of Multis (and we would love that) please tell us about yourself here.

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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