When a Treasurer or a CFO faces the daunting daily task of making payments, nowadays there are plenty of tools ready to help them to streamline cash settlements into near-automated transactions.
However, when it comes to crypto, the picture is much different. With over 20,000 cryptocurrencies in circulation, dozens of exchanges, countless custodian options, and hundreds of DeFi applications available, it is incredibly surprising that almost NO ONE has thought about the REAL needs of businesses when working with crypto as operational currencies. To date, there is no single solution that integrates everything.
Let’s make a brief list of the requirements for crypto payment execution:
- Currency agnostic: no matter what token is used, a company must be able to pay in any currency.
- Custody: a company cannot be opening new wallets with different providers, just to pay in a certain token that is only supported in a different protocol. Any wallet should be able to support ANY token.
- Network agnostic: the forex market operates on a single global market, and the same should be true for crypto. Having some tokens on different networks just makes it increasingly difficult for companies to identify the right token for a payment on a particular network. Even more so, the fact that there is no way to differentiate the network or type of token just by looking at a crypto address.
- Real exchange capabilities: a company must be able to exchange each token for another, without worrying about the network on which this other token is supported (swaps vs. bridges).
- True bulk payments: a company needs to execute hundreds of payments of invoices and payrolls on a monthly basis. A true mass payment should be able to understand and execute dozens of payments of different tokens on different networks at the same time at the push of a button.
Unfortunately, none of these requirements can be met today.
However, the good news is that basically 80% of global payments are executed only in BTC, ETH, and a few stablecoins. However, even though at the end of the day we are talking about only 5 or 6 different tokens for our trades, there is no tool that can offer trades of all of them at the same time, making the life of the treasurer and CFO much more complicated.
Anyway, let me advise you on three interesting and useful tools that will help you with your daily crypto-treasury, when working with self-custody:
- Safe (https://app.safe.global/): a multi-sig wallet management tool, compatible with multiple networks and tokens. In its app marketplace you can find several DeFi tools that will allow you to:
- Swap: Uniswap
- Batch transactions:
- CSV Airdrop: for the Ethereum network
- Wink: for Ethereum and BNB Smart Chain
- Request Finance: enables businesses to generate invoices in crypto
- Zerion (https://app.zerion.io/): a crypto wallet tool that allows tracking multiple tokens on many different networks, and executing swaps and bridges (between different networks).
- Multis (https://app.multis.finance/): a crypto treasury management tool, based on the Ethereum network, offering tracking, reporting, and onramp-offramp capabilities to USD
