At MultiPayer, we often note that establishing a business is a daunting task. So, setting up a web3 business is an even more formidable challenge. We speak from experience as MultiPayer was conceived in late 2018, during one of the most challenging crypto winters.
Embarking on the Marathon of Setting Up Your Web3 Business
We have previously discussed on this blog the challenges associated with launching a web3 business, including:
- Difficulty in tracking crypto funds
- Complexities in payroll and simple payments
- The nightmare of accounting
- Frustrating and unfriendly UX/UI
MultiPayer offers solutions to these problems, aiding your initial steps in the web3 world. Now, we’re tackling an even larger issue.
While MultiPayer simplifies handling crypto, one element remains tricky: FIAT.
But why do web3 businesses require fiat? Regrettably, not everything can be settled with Bitcoin, Ether, or Aave. You can check out this insightful piece on Coindesk for more clarity. Every web3 venture must cover expenses like IT or business lunches to operate effectively, necessitating diversification of your treasury with EUR.
However, to utilize fiat, you need to have a bank account. This is where things get truly nightmarish:
- Gaining acceptance from a bank can be a grueling process (over 70% of our users require more than three months)
- Maintaining a stable and long-term banking relationship poses its own challenges.
Once you have your banking sorted, you might think you’re home free. But converting your crypto income into EUR for operational expenses or transforming your EUR income into crypto for holding purposes introduces a whole new problem. Accessing liquidity, or in other words, exchanges, becomes essential. Getting approved and ready on platforms like Coinbase or Kraken could take as long as setting up a bank account.
Three months later, your financial arrangements are finally in order, and you can concentrate on your business operations. Now, let’s build!
But wait, there are still hurdles: conversion fees can take a significant chunk of your funds (1%). Exchanging your euros for dollars at forex rates could decimate your resources. Shifting from crypto to fiat can become a time-consuming process involving multiple tools simultaneously. Storing your crypto on centralized exchanges carries risk. And the list goes on…
Merging the Best Aspects of Crypto and Fiat Worlds.
The core philosophy at MultiPayer is, “Not your keys, not your money.”
That’s why MultiPayer has been a decentralized multi-signature wallet from the get-go. It’s designed with teams in mind and created for a worry-free experience. We understand that handling private keys can be stress-inducing.
In addition to that, we’ve integrated a web3 EUR account.
You can relish the peace of knowing your assets are secured with your keys, and have the capability to cash out when necessary to cover your operational costs.
The perfect blend of two worlds.
Moreover, MultiPayer is developing it by promoting the most user-friendly UX/UI ever created for fiat/crypto product bridges:
- Opening a web3 bank account takes less than a day.
- Two clicks to convert from crypto to fiat and vice versa.
- The design interface facilitates storing your crypto in a decentralized manner, free from anxiety.
- Web3 cards for fiat or crypto payments to facilitate transactions anywhere, anytime, and in any currency.
We hope this article inspires you to give MultiPayer a try. If not, I’m always available for a call to demonstrate what we can do for you!
Ready to give our web3 bank accounts a go?
