The remote friendly crypto bank: How Tenderly untethered from hardware

June 29, 2020
Samantha Fields

It’s been memed to death: 2020 was not supposed turn out this way. Our current pandemic upended the way we think about tourism, socializing, and working. Just as major corporations have been revising their work from home policies, much smaller structures have been changing their policies and set-ups as well making their offices remote friendly. This also applies to players in the crypto industry.

Hardware in the blockchain space

In the popular imagination, blockchain and crypto live only in the digital space. Although blockchain and cryptocurrency are the defining feature of the web3 version of the internet, many of these protocols remain rooted in our material world. Hardware wallets are one such example. Much like an actual wallet, these are physical devices (often resembling a USB drive) that store a user’s private keys, or access, to their cryptocurrencies.

When hardware becomes a pain point

“Our hardware wallet was located in our office, but during lockdown nobody on the team wanted to leave their house to deal with it.” — Bogdan Habic, co-Founder Tenderly

A hardware wallet was a suitable solution for Tenderly, a Belgrade-based tech service company that provides real-time monitoring, alerting, and troubleshooting for smart contracts. Like many start-ups native to the Blockchain they receive some of their payments in crypto. However, this March when shelter-in-place orders went into effect they saw the limitations of their hardware solution. Bogdan Habic, co-Founder at Tenderly explained “Our hardware wallet was located in our office, but during lockdown nobody on the team wanted to leave their house to deal with it.” They quickly realized that their crypto payment processing needed to be remote-friendly. This is why Multis appealed to them- no matter where they were they could access their account and the UI provided an easy user experience. “We looked at a few alternatives {to a hardware based wallet} but Multis was the nicest by far. It’s easy to use for the whole team.”

“Multis was the nicest by far. It’s easy to use for the whole team.”

So how can you receive payments in crypto from your Multis account? It’s simple.

  1. On your Dashboard click on “Receive”
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2. Select your asset

4. Click on “Payment Request”

5. Enter a description and an email

6. Click on “Send Request”

7. Confirm the transaction signature

Software accounts: the solution for a remote workplace and an always-on world

It’s been said that “software is eating the world”, and yet keeping crypto in a hardware wallet is the equivalent of hiding your money under your mattress. For a software bank account, all you need is bandwidth — you can connect from anywhere at any time on your browser. What’s more, our accounts are smart contract based- meaning they interact with other decentralized finance services on the blockchain and give users access to innovative financial products.

Multis accounts are an ideal compromise between security and accessibility

  • We’re always on. With Multis you can access your funds at anytime, from anywhere. No dependency on hardware.
  • Our accounts have key recovery thanks to a mechanism that allows admins to invite back a user who has lost their key
  • Our accounts are built on the community approved and highly audited Gnosis multi-signature wallet, which is storing over $1B in ETH, and we are secured by Quantstamp, the leader in blockchain security.

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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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