Multis is a business bank account for cryptocurrencies – TechCrunch

Multis is a business bank account for cryptocurrencies – TechCrunch

Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round. Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group. continue reading Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round. Investors… By Tom Wilson LONDON (Reuters) – Financial firms and governments overwhelmingly see cryptocurrencies as risky,…

Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round.

Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group.

“It’s very complicated to manage crypto as a company. As soon as you want to hold crypto or start paying employees and contractors, it’s a giant mess,” co-founder and CEO Thibaut Sahaghian told me.

If you’re familiar with startups working on business banking, such as Qonto, you already know what to expect from Multis. It’s a software-as-a-servie product designed for teams.

After creating a Multis account, you can add other team members and set permissions and limits. Behind the scene, Multis is a multisignature Ethereum wallet. The company doesn’t control the keys, which means Multis can’t access your funds.

“From a regulatory point of view, it’s been very useful because we don’t hold assets and we can’t review and block transactions,” Sahaghian said.

Thanks to the multisignature design, you can create an approval workflow so that each transaction needs to be approved by a certain number of people on the team.

Multis supports Ethereum-based ERC20 tokens, which means you can also use stablecoins, such as USDC and DAI. This way, you’re not exposed to cryptocurrency volatility when you choose to keep all your assets in USDC for instance. You can swap tokens from Multis directly.

Once you have assets in your Multis account, you can issue payments to employees, contractors, partners, suppliers, etc. You can save addresses and other relevant information to streamline payments in the future.

Centralizing all your crypto transactions on Multis can be useful when you need to file your taxes. You can export all your transactions and hand them over to your accountant.

And if you have too many assets on your hands, you can invest some assets and earn interests thanks to DeFi products. The company uses Compound for that feature.

Right now, Multis clients are mostly companies working on blockchain products, generating revenue in cryptocurrencies or paying people using stablecoins. But the company wants to simplify its product by adding EUR and USD accounts with cards and IBANs.

Multis could act as a bridge between fiat currencies and cryptocurrencies. Companies with offices in multiple countries could use it to save money on intercompany fees. The startup is still working on those new features, but it could lead to some interesting use cases.

Source: xtechnews.com


Multis is a business bank account for cryptocurrencies

Multis is a business bank account for cryptocurrencies

Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round.

Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group.

“It’s very complicated to manage crypto as a company. As soon as you want to hold crypto or start paying employees and contractors, it’s a giant mess,” co-founder and CEO Thibaut Sahaghian told me.

If you’re familiar with startups working on business banking, such as Qonto, you already know what to expect from Multis. It’s a software-as-a-servie product designed for teams.

Image Credits: Multis

After creating a Multis account, you can add other team members and set permissions and limits. Behind the scene, Multis is a multisignature Ethereum wallet. The company doesn’t control the keys, which means Multis can’t access your funds.

“From a regulatory point of view, it’s been very useful because we don’t hold assets and we can’t review and block transactions,” Sahaghian said.

Thanks to the multisignature design, you can create an approval workflow so that each transaction needs to be approved by a certain number of people on the team.

Multis supports Ethereum-based ERC20 tokens, which means you can also use stablecoins, such as USDC and DAI. This way, you’re not exposed to cryptocurrency volatility when you choose to keep all your assets in USDC for instance. You can swap tokens from Multis directly.

Once you have assets in your Multis account, you can issue payments to employees, contractors, partners, suppliers, etc. You can save addresses and other relevant information to streamline payments in the future.

Centralizing all your crypto transactions on Multi can be useful when you need to file your taxes. You can export all your transactions and hand them over to your accountant.

And if you have too many assets on your hands, you can invest some assets and earn interests thanks to DeFi products. The company uses Compound for that feature.

Right now, Multis clients are mostly companies working on blockchain products, generating revenue in cryptocurrencies or paying people using stablecoins. But the company wants to simplify its product by adding EUR and USD accounts with cards and IBANs.

Multis could act as a bridge between fiat currencies and cryptocurrencies. Companies with offices in multiple countries could use it to save money on intercompany fees. The startup is still working on those new features, but it could lead to some interesting use cases.

Source: dailynewsgh.com


Financial firms and governments deeply sceptical of cryptocurrencies: survey

Financial firms and governments deeply sceptical of cryptocurrencies: survey

By Tom Wilson

LONDON (Reuters) – Financial firms and governments overwhelmingly see cryptocurrencies as risky, a major survey found on Tuesday, with the potential for bitcoin and other digital tokens for use in money laundering and sanctions busting among the chief worries.

Around 60% of respondents from financial firms, government and the private sector alike to the survey by the Royal United Services Institute think-tank and the Association of Anti-Money Laundering Specialists said cryptocurrencies were a risk rather than an opportunity. Illicit usage was the major concern.

The findings, one of the most detailed efforts yet to map out mainstream global views towards cryptocurrencies, lay bare the depth of scepticism towards the emerging tech.

They suggest an uphill struggle for the crypto industry to achieve wider acceptance, even as countries across the world grapple with how to regulate cryptocurrencies. The European Union will introduce new rules for some cryptocurrencies by 2024, documents showed last week.

The perception of criminal use of cryptocurrencies is deep-rooted, the survey found. Nearly 90% of respondents from financial firms said they were worried about crypto being used to launder money. Over 80% were worried about sanctioned actors using digital coins to circumvent the formal financial system.

“All respondents accept that cryptocurrencies are vulnerable to criminals,” the survey’s authors said.

The extent to which crypto is used for crime is unclear, with past research by major blockchain analysis firm Chainalysis this year putting the rate as low as 1% of all transactions.

Still, digital currencies are popular with cyber-criminals, as the July hack of major Twitter users to reap bitcoin shows.

Cryptocurrencies have also been used for the funding of militant groups. The U.S. Justice Department said last month it had targeted efforts by the military wing of Hamas, al Qaeda and Islamic State to raise funds via cryptocurrencies.

Only a fifth of respondents from financial and other private firms said they viewed digital coins as an opportunity, the research found. Among the potential benefits cited was the possibility crypto could extend access to financial services.

The survey was based on over 550 responses from financial institutions, law enforcement and financial watchdogs, and legal and insurance firms. It also tapped the cryptocurrency industry.

(Reporting by Tom Wilson; editing by David Evans)

Source: whtc.com

Author: Syndicated Content


Multis is a business bank account for cryptocurrencies – TechCrunch


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