Building the future of business banking with crypto

Transcript

take it away let's get started hi everyone i'm t-bo the CEO of Matisse today I'm going to talk about what we what we're building and how we are inventing you know business banking through smart contracts defy and software compatibility so ok this is not working - fine so so as i said i'm t-bo the guy in the picture who is also there is my co-founder Theo so we've been in a space for a couple of years now I used to work in investment banking and then in a crypto company to build SAS and b2b applications crypto applications as well for C companies and

you know we've been witnessing this incredible developments in E in our industry you know we've seen the development of etherium obviously that's why we're here we've seen the development of defy stable current etc but they're still the same frustration it's still so damn complicated to handle crypto hold it use it as a team very risky very clunky so the two main reason why we feel that crypto is still inconvenient to run business with is that as I said it's risky first you I mean we have to realize that wallets were initially designed for individuals which means apply to a business environment you have to share your keys you have to share

your credentials with your teammates so you have to expose yourself I mean you're trusting them blindly and you exposing yourself to you know one of the co-founders are one of the you know teammates running away with the money just ragequitting this actually happened to a couple of companies like chippy fighters a couple of months ago when a head of marketing just run away with I think $100,000 worth of crypto the second thing you face is technical risk because you are a company you're holding large amount of funds I mean larger than you know a basic individual which means you are you know a target for hackers for example so you must object to attack than an individual if you want to you know give your funds to a custodian solutions like an exchange a third party

well you have to chose them blindly as well you have to you know believe in the fact that nothing will and to their own secret infrastructure that you know it will not be subject to hacks or just again one of the cofounders of the exchange holding the keys Yogi's just eyes we have seen that we have seen this like countless times not your keys not your money thing is it's kind of a little bit of the jungle out there in the crypto space because transaction are non reversible if anything happens your funds to your company's films if they get flushed out well too bad the second thing we see is that crypto again cuto wallets are not designed for business it's super clunky

to use today it creates a lot of frustration it's very hard for company to run a payroll to pay suppliers abroad to attach invoices to your payments it's very complicated to track company payments because there's so many flows and so many people involved you know the average company will work with has between five and ten wallets that's you know a lot of wallets to just consolidate and sing a place for your accountant for example and the last thing is I mean there's no way for you to earn interest as a legal entity as a company just like you would from a savings account in a legacy banking world so you end up in a crazy situation so you end up in a crazy yeah this is working so you're not be this crazy

situation where most crypto entrepreneurs build fantastic projects you know defy protocols all the things we're building with basically so they build this fantastic project but they don't use crypto as part of the business as follow the daily activities you know dogfighting is probably one of the biggest issues in a space today if you want to prove the world that it is money well we have to start using it we have to stop spending it and that's what at multis we're trying to help with so we're building a banking solution for business with crypto returning those individual wallets into a powerful source for your solution so that entrepreneurs can

actually do some dog feeding we have them you know with us company can store crypto you know with team access key recovery and multi signature wallet I'll cover this a little bit later can I earn crypto basically yield interest in the Treasury just like from a savings account they can spend it with a team with spending policies and cust and you know custom workflows that you can set up and the last thing like you know most proper wallets we can they can actually exchange crypto against crypt or against Viet it's a business bank with crypto now what's really important here is that we're striving to provide the best of two words we want to provide banking features to help companies run business with crypto but without the

custody we don't hold firms on behalf of companies you're in charge the second thing we strive for is to provide web 3 innovation you know to unlock the potential of defy you know of all those disenfranchised financial services without the frictions we want to provide the same seamless experience as you would expect from your traditional modern banking account okay so things going to go too fast again yeah so again we're building a banking solution for companies holding cryptocurrencies to help them run business with it now enough for the pitch let's see are we actually building it using smart contracts compressibility

mid-to signature wallets etc I'm gonna let's let's leave the hood so the first thing we have to do we had to do is to you know find a way for companies to store cryptocurrencies in a much safer way you know business friendly way than what I described before we with individual wallets and we chose to go with a military signature wallets or multi-sig for short simply put the mid-to signature wallets a multi c is a smart contract that locks phones and that requires multiple owners to confirm transactions with their own individual private key we think that's the best you know the best compromise between

security and flexibility to actually run business with it couple of reason why first itself custodian which means you don't rely on a third party to manage your company's funds you're in charge second you mitigate risk because they secure against social risk no one else no one in the company can actually flush out the funds but they're also secure again taking a risk because you having several keys so it makes them harder to compromise key recovery as well as something really important here you can lose your key without losing access to your funds the software base so that's for the flexibility part so the software base

which means you can access your funds anywhere anytime with a browser and the Internet the last thing I wanna mention here is that the smart contract based which means from the wallet you can actually access the innovation the huge potential innovative potential of web 3 services of defy I'll show you how so again that's the best compromise between yeah the links are working so again that's the best compromise between security and convenience and we're trying really to make them easy to use in a business environment so that even an office manager with no technical knowledge can actually use them to

secure defense let's have a quick look just to see how we are how we can set that up if this thing is working well apparently we won't have the demo effect so by the way the solution is live I just decided to go with a screencast because last year was terrible we have so many issues with a demo I just wanted to you know avoid that so ok let's go so this is the main dashboard for the company we're going to the company settings you cannot see it ok well I guess there's another demo effect honestly I thought I was like nailing it

until then until now ok so what do we do there is a good question indeed can I switch tab now that dish if I if I if I switch tab that should be fine no okay so well sorry folks you know as you can see that's not because we work in two blocks in space that we are technical people well I guess we'll have to go I'm sure I can I can I can leave the full screen that's the thing because I'm

actually a Mac user so I feel a little bit lost here okay just a full screen come with your face okay does he make home oh wow thanks for bearing with us we're back so yeah I was

disclosed to to call the help desk which is actually in my CTO buddy you know okay so let's go with it so this is the main dashboard for the solution so we go to user settings you can invite very conveniently one of the teammates through emails into the email so we're gonna pretend that you know there's this guy called Fuji in well it's not moving all right but it's moving on my screen anyway I think we'll go without it sorry for that so well you know I invite you to do to you know to swing by your

booth on the fifth floor will I'll be happy to show you the actual solution so you know let's make it short so basically what we're doing here let's go back to representation and okay so yeah demo so basically what I wanted to show you here is that it's very easy from the company settings to actually add users three emails invite them back into the wallet you know they just have to click the link they are now part of the wallet you can set up you know you can make them owners so that they can have administrative rights basically you know writing and reading rights over their wallets they can spend they can sorry set up policies you know and set up the number of confirmations

required for each transaction to be processed that's you know all the permissions I was talking about now the key benefits for it is obviously peace of mind because you want to make sure that you know everybody is your team in your team can actually secure the funds collectively even if it's a software based solution another Hardware you don't have to rely on a you know on the cold storage solution to actually secure your phones because you have multiple keys multiple stakeholders actively securing defense all right so now remember what we want to do is to provide the same kind of experience you would expect from a bank modern bank account which means we have to go around one of the biggest frictions in a crypto space especially when it comes to smart

contracts smart contracts so those those frictions are transaction fees or gas fees on network fees whatever you want to call them so the gas is the fee you pay to the network to broadcast a transaction there's this kind of love/hate relationship there was actually a good one I sure I mean the Sun was nice I should have played the demo at the same time yeah so so there's this kind of love/hate relationship with

the with gas fees you know we all know that this is necessary because it provides the incentive for the network to secure broadcast injection and you know secure the network collectively but at the same time it creates a lot of you know frictions for the end users especially the users with no technical background and in a business environment try to explain you office manager you know anybody in the team what our GUI or you know that they have to cover for the fees for each transaction the process on behalf of the company I try to explain you accountant that those reports those expense reports are you know related to gas fees as well it's nightmare I'm not even talking about all the bags older you know the wrong gas estimates so in the end is

creating a lot of frictions a lot of anxiety out of a frustration for the end-users and you know this kind of stuff just is driving them nuts so we had to do something we had to get rid of them and that's what you know that's that's what we did with the multi-sig which is in which is a new smart contract we built so basically when you make a transaction you can divide it into two components first you have to sign the transaction with your private key when you individual private key so the users the users doing it and then you have to broadcast the transaction to the network that's actually where you're gonna pay the fee with Mel T's with this new smart contract wallet that we built the user

steals steal sign suit transaction because we also focus in your wallet but it doesn't pay for the fees we use a relay which is some kind of you know smart contract escrow account locking funds that we fund the transaction fees are paid from this account and not from the user account in an in that sense we are you know practically subsidizing the gas fees on behalf for our users now to do that we had to so we initially built with the with a great Ignasi smart contract the one from 2017 but we had to you know we had to made it to upgrade it to make it compatible with GSN gas

station network smart contracts so as we can you know implement is relay and again pay the fees on behalf of our users obviously we you know we run several audits with constant to to make sure that this is bulletproof I want to show you how you know it materializes in the in the in the solution but again we might want to switch go to the next slide and avoid another demo effects so yeah that was the demo so I guess you know the main benefit there is you can bid farewell to frictions and you can actually provide the same kind of experience as you would expect from your modern bank account so you know we're

basically killing one of the last remaining frictions when it comes to to crypto use in a business environment all right so we covered why we chose a meta signature wallets as the best tool to secure funds in a business environment we talked about you know how to make them seamless but now we have to talk about how we're gonna provide banking features on top of this magician at your wallet so for this we using defy so defy and you know smart contracts I compound like synthetics like Khyber I'll you know basically money legals which is a fancy way of saying you know

decentralized banking infrastructure our job at Mill T's is to piece them together to provide to replicate financial services you find in the legacy banking system now the cool thing about you know defy the centralized final space just like the etherium space really it's like it's permissionless which means you know any developer team can join and build on top of other protocols so from you know an aggregator point of view like we are it's amazing because we can actually pick up the best you know bricks LEGO bricks and provide the best possible solution to our end-users now to do that we chose to build or stack in a very specific way

which is to you know to to to to take a modular approach so basically what we're doing is that from the multi signature wallets we're combining those smart contracts together to build modules and from there we just plug them to diminish energy wallets so you know from a technical point of view it's amazing because we can actually ship new features extremely fast we can actually you know take users feedback and you know decide to change the protocol the bricks that you know that we use to build our infrastructure of banking infrastructure so again the main benefit there is that we can provide you know access to defy and great services with one single transaction all from the same

application you don't have to switch from wallet - wallet - wallet and I access those those decentralize financial services you get them straight from the account and they are packaged just as a regular a regular service financial service I'm gonna show you how we how we build the savings accounts so as you can see there's many protocols out there first one the obvious one that we chose to call you know the money protocol is the very reason why we're here today it's aetherium now we have all the protocols that we are adding on top of it first is the vault protocol so this one ignosi's you could actually add the multi logo here as well not that

we upgraded it we have the token protocol which is you know your C which which are early 20s including stable cones that we're using for savings account obviously compound finance which is a landing protocol we use to generate yield last we need to you know connect those protocols to interfaces this is what two Maltese and we need to attenti kate on the blockchain so we're using tools like mathematical parties to sign transactions so the cool thing here again there was a demo so the cool thing here and you know Kim Kardashian can confirm that the is that you can actually you know extend your anyway as

a company in seconds in a single transaction can actually generate yield as a leg identity for a company we actually the first one to have done it now again because of this modular approach we can replicate this with many different services I mentioned the exchange that we implemented in multis here again we're just replacing the compound brick with two other ones the khyber network one which is Dax and the ramp one which is the Fiat off-ramp on-ramp off-ramp this is just an example of the things we built but we can build so much more again multiple breaks from the multi see

we're gonna plug we're gonna plug those breaks to the mill to see who can provide insurance for Nexus mutual we actually do we can provide you know trading strategies to grow eath holdings for combining your holding significant amounts of them in you know wanted to keep them invoicing I mentioned it a little bit earlier sort of pretty the pretty cool thing is that actually when using invoice you can actually start doing invoice financing since you have the invoice since you have the landing protocol we compound well you can again combine this to and provide a new kind of financial service to your users last thing is subtly I mean we have other examples last thing is subtly where you can basically start running a payroll streaming money to our users and again it's a matter of

days for us to integrate those bricks make them modules plug them to the multisig and ship the services to our users so this is it for the for the for the way we build our stack so I guess I'll conclude by you know giving you some some hints on where we're going you might have wonder why on the first page we describe multi as a script of first banking I mean we could have branded yourself like you know crypto world for companies or wallet for companies or multi sequel companies or whatever the number of company accepting and paying and building with crypto is exploding

but fiat is not going away it's pretty likely that you're going to still pay dinner team dinners with euros or dollars so it's clear that the bank will have to merge to bridge those two very separate worlds together and multis is building that bench so what we're doing is that we're providing the script our wallets so this is life today we're providing the script our wallets designed for business and we're building them in a way that they provide access to defy again to provide us value-added financial services designed for business but we are making them interoperable with USD in your accounts with EEB ands with debit cards with bridging those two words together

now why crypto first business banking because we chose to start building with crypto a whole banking infrastructure stack is design is built with crypto natively and we're just adding additional few features on top of it and not the other way around so that's the change of paradigm when it comes to building a badge and as yen thank you so much one last thing we are hiring a lot we use two main languages closure script solidity we also have in product designer to make this thing prettier and we are hiring

you know brilliant marketing to help us go mainstream thank you so much for attention I hate to be dividing scarcity but we have over time for one question don't be shy we have one so you you are describing your modus aghhhhhh and you rewrote the the notice multi-sig to add support for a gasser layer as far as I understand but know this already has another offering of like a rewriting of a wallet just for for that so I

wonder why did you decide to write your own and not pick something that already working well you know it's so choice we believe that big noses mm the 2017 does this multisig is an amazing tool great job didn't done there it's been out there for a long time many ICS shows to stock crypto with this with this math contract it's very simple it's very robust it's bulletproof so we felt like you know we had to stick to it basically there was a better way for us to increase equity so actually you know the upgrade with this was was a minor one so we kind of benefit from you know the the great part and a great security of the 2017 knows it's missing your

wallet but a same time we are doing just you know a pinch of convenience on top of it great thank you very much thank you [Applause]