If you're at all like us, you've been following the imminent Coinbase IPO with rapt attention. As a company founded by self professed "crypto dreamers", seeing Coinbase lauded as the "next Facebook" by not only the industry press, but also by legacy players is exciting - even more so because Coinbase happens to be one of our investors.
So although we're hard at work building a crypto business account for operations, we wanted to share some exciting news: businesses can connect their Coinbase and Coinbase Commerce wallets to the Multis interface. This may not seem like a big deal but for us it's a game changer!
When we built our first multisignature wallet for business, we envisioned it as the only crypto account a company needed. It was an elegant vision, but it's not a reality for businesses. Crypto start-ups use all kinds of wallets and they have accounts on various exchanges. We realized that our idea of good wallet hygiene (eg: having a single wallet or very few wallets) was not only impractical for many companies but it was also not safe- keeping funds on different wallets and exchanges is a means of protecting them from a major hack.
Coinbase Commerce, with its over 8,000 merchants and $200 million transactions processed in 2020 alone, was for us an obvious player that needed to be integrated into our updated product.
Of course, it's not simply Coinbase, we've integrated all major exchanges, meaning that companies can upload their wallets from Kraken, Binance, Crypto.com and other major exchanges to their Multis account to better track funds and move money.
Even though we're bullish on crypto, we know that dollars and euros aren't going anywhere. This is why integrating exchanges is our first step in getting fiat in Multis accounts- so the dollars and Euros that are sitting on Coinbase, Binance or Kraken accounts are accounted for on your Multis dashboard. This will be one of the first in many fiat integrations with Multis- so watch this space!