Imagine a not so far future where banks are a thing of the past like old fashioned diners from the 1950's.
MultiSig wallets will have a large role in tomorrow's business and they are here today.
Quite possibly crypto could replace banks as we know them and though this is just an opinion we are seeing new services and products along with new platforms coming to the game.
Crypto wallets for business, companies and corporations that allow multiple partners or various team members to secure tokens/crypto collectively and have access to various financial services that traditional banks provide without a centralized authority are gaining traction in the world of crypto. We know that crypto has many great things to offer to name a few:
1. Fast payments
2. Cheaper payments/ less paper
3. Access 24/7 to funds
These are just 3 of the obvious. So, with that being said,
As a business owner, have you ever had a payment delayed for days? Or, have you ever had a check bounce or bounced a check?
How about a frozen or hacked account? These aren't just some random questions, they form a basis to some reasons why traditional banking is really outdated and its a shift in an old paradigm.
Multisig (multi signature) wallets are a way to secure many things, more importantly cryptocurrencies. Its a way for corporate use cases, its trustless and its possible to have escrow services.
Multisig is a lock that only opens with enough keys out of a set of predefined keys, like 3 out of 5 or 2 out of 3 for a send transaction.
Currently, there are even lending services available right out of the wallets user face. This is ideal for a business or anyone wanting to put their crypto to work and this is an appealing option for many to say the least.
There are multisig wallets that can connect to the MakerDao platform(DAI stablecoin).
The DAI that is deposited would be locked in the DAI Saving Rate contract:
ROI 7% 30 day avg. 81M. TVL. This is one of the lowest risk platforms in Defi next to unlocked staking.
Compound is another leading platform and the cDAI interested bearing pays a nice 7.74%
Receiving payments is also now available with some wallets. QR codes can be sent out or scanned and there is no fee to receive crypto payments. Gilded has made a way to bill customers, accept crypto payments and generate tax records.
In closing, I remember my grandfather used to say "find out where everyone is going, get there first and buy land." I wish he could see this.
Banking on tomorrow. MultiSig wallets and business
By bobby d!gital | Generational Wealth and Fintech | 23 Nov 2020
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