Coinshift is a web3 platform that offers a unified dashboard and multisig tooling for simplified treasury management and team collaboration for crypto companies and DAOs. Let's explore the need for effective treasury management solutions in crypto and how Coinshift addresses those pain points.
Collaboration is at the heart of Decentralized Crypto Projects
Crypto projects and Decentralized Autonomous Organizations (DAOs) involve plenty of collaboration. Decision-making requires formal consensus that will be permanently written to the public blockchain creating foundations for transparency and accountability. Governance of the DAO uses smart contracts that auto-execute once specific predefined conditions are fulfilled. This ensures that rule-based development of the project occurs as originally envisioned. It reduces the scope for corruption and fraud that occurs due to internal politics or loopholes in transparency in both for-profit and non-profit organizations. It also streamlines the flow of activities, removes bottlenecks, and speeds up problem-solving.
All this formal and transparent collaboration requires a reliable, simple, and secure team management platform. Transfer of the company funds like cryptocurrencies and collectibles like NFTs must require approval from multiple authorized team members. Hence, in a crypto organization, it is very important to store the funds and assets in multi-signature wallets. Moreover, all blockchain transactions related to the DAO or crypto project should be easy to browse for all team and community members. Critical and recurring funds management like payroll for team members and payouts for contributing community members has to be managed. Allocation of company funds to different goals or projects, including feature development and staking/yield farming/investments is another big concern. And if the monitoring and inspection activities like audits and financial health assessments are simple, they will be done frequently and the crypto project can remain on course to success.
Difficulties and Inefficiencies in Crypto Treasury Management
First of all, the scale of funds and volume of transactions involved in a crypto project is enormous. Without a dashboard to manage these, teams will waste lot of time using Etherscan to monitor the company transactions. They will have to use ad hoc tooling and scripts to gather this data, and then build reports to bring situational awareness to the rest of the team and community members. Other activities like the creation and maintenance of multi-sig wallets, and multi-sig transactions will have to be done on separate platforms like Gnosis Safe. This fractures the experience of the crypto project, as different activities are done with different tools. It makes collaboration and team management unnecessarily complicated.
Crypto projects can rely on other institutions like banks and accounting firms for handling their treasury funds. But financial data privacy and security are given away to third parties in this option. Also, the inefficiencies and bottlenecks in these third-party organizations will slow down your activities. Crypto projects and DAOs would prefer to handle their funds and data themselves securely and optimize these management activities as per their needs. Experts like accountants and auditors can be picked from the decentralized community itself. They just need to be given the Web3 tooling necessary to carry out activities they already excel at. Communication of project milestones and regular updates will also involve separate messaging platforms. Every new tool being added to the stack for handling recurring activities adds overheads to the time and energy being consumed, slowing down the project development.
How Coinshift Simplifies Crypto Treasury and Team Management
Having a single, well-designed, streamlined platform that integrates all the above important features is the need of the hour. Coinshift provides unified dashboards, financial reports, notifications, multi-sig wallet management, transactions management, and more. It was previously known as MultiSafe and launched in 2021. Gnosis Safe is a popular, open-source multi-sig wallet protocol. Coinshift is built on top of Gnosis Safe, with additional crypto treasury and team management UI to simplify collaboration tasks. It enables the handling of cash flows, payrolls, and crypto transactions from one place. Let's dig deeper into the various features and solutions that Coinshift offers.
Account Creation for Individual, Company or DAO
To get started, you must sign up on Coinshift by connecting your crypto wallet like Metamask, Trezor, Ledger, or Fortmatic. Coinshift can be used by individual users, crypto companies, or DAOs. If you select "Company", your data will be end-to-end encrypted by default, so that Coinshift has no access to your company data like members, wallets, and transactions. For a DAO, you can choose to keep the data private or public as per your project policy. If it is kept public, the DAO data will be available on IPFS. Individual users can also use Coinshift to manage their crypto funds and transactions. They can adopt 2-factor authentication security by signing transactions with their hardware wallet in addition to the browser-based or mobile wallet approval.
For companies or DAOs, you can add multiple "Owners" to represent the company leaders or owners. You simply add those wallet addresses during onboarding. You can also edit company owners from the settings later. With multiple owners, you can set rules for the minimum number of owner approvals required to execute any company crypto transaction. For example, you can add 3 owners, and make the rule to require at least 2 owners to sign or approve every transaction. This ensures that no single person can misuse company funds.
Importing existing Gnosis Safe Accounts into Coinshift
It is possible that your organization has been managing multisig transactions using Gnosis Safe. Since this already has all the information of transactions done and team members, you can simply import it to Coinshift. Using the rest of the options given during new account creation, you can then turn the Gnosis Safe data like Safe Address, Assets, Owners and Policies into a new Company or DAO account on Coinshift.
Coinshift Dashboard: Home for your Crypto Treasury Management
At a glance, you can view the financials of your organization from the Coinshift dashboard. It displays the name of your organization, total balance, distribution of income and expenses, recent transactions and assets under management. A bell icon on top right reveals the latest notifications about activities and transactions done. The details of every notification can be expanded by clicking its "View" link.
Collaborate over Multisig Transactions and Set Spending Limits
One of the key collaborative activities in a crypto company or DAO is the creation and approval of multisig transactions. Coinshift allows any company owner to begin a transaction, and then informs the other owners to approve or reject it. You will have already set the transaction approval policy, requiring the minimum number of approvals to allow a transaction to execute.
According to that rule, when the owners give their inputs, the transaction status will change from pending to approved or rejected. To make sure that any owner didn't click the approve or reject option by mistake, they show a confirmation dialog to let the owner double-check their choice before it affects the transaction.
In addition to multisig transactions management, you can also set spending limits to every member. Within these limits, the members can execute transactions on their own without requiring multisig approvals. Thus, smaller funds transfers can be expedited and larger ones that are above the spending limits can be secured with multisig.
Pay Multiple People in Multiple Cryptocurrencies
Coinshift uses off-chain transactions to save 60-90% on gas fees while paying multiple people in one transaction, or transferring payments denominated in multiple currencies. This bulk payments feature is a great one as it saves time, efforts and transaction fees. You can use Coinshift to make "Mass Payouts" for paying the salaries of your team members, or sending rewards or payouts to community members for their participation with the project. Coinshift supports ERC-20 tokens for multi-currency payments. For mass payouts, you can also upload CSV files containing the details of people, wallet addresses, amounts in different currencies etc.
Teams and People Management
Coinshift makes it easy to define the different teams within your organization. You can add team members one by one to your organization. And you can assign team members to the different teams, making other activities simpler and contextual. You can import the team data into Coinshift from a CSV file as well. Similarly, you can add different labels like payment purpose or relevant team name to any transaction. This type of segregation of people into teams and assigning of labels to transactions simplifies the understanding of various activities occuring within the organization.
Assets Management and Exchange
Coinshift displays the portfolio of assets like cryptocurrencies and NFTs that your organization owns, so you can quickly get the overview of your holdings. You can swap or exchange different cryptocurrencies right from Coinshift to change the distribution of your portfolio. Paraswap powers this "exchange" feature of Coinshift. This can help in risk management, to keep assets in stablecoins during volatile times, or swap to profitable tokens to benefit from bullruns.
Advanced Features Coming Soon
Coinshift envisions becoming the go-to solution for treasury management in the Web3 and crypto space. Therefore, they plan to keep updating their platform with new and advanced features. Some of the upcoming features are:
The Exchange feature that exists on Coinshift is useful but very basic. But the maximization of profits and minimization of risks requires advanced dynamic strategies for asset allocation. Coinshift wants to bring the power of yield aggregators, AMM pools and DeFi index funds to help you excel at increasing the value of your treasury.
How about automating your asset allocation strategy? Coinshift will ask you to define your risk appetite. And then provide different asset allocation strategies with risk scores and detailed risk reports. You can use them to predict what the different strategies can do for you, and then tell Coinshift to execute your desired asset allocation strategy on your behalf.
No matter how advanced your prediction models are, surprises and shocks of volatile crypto and DeFi markets can catch you anytime. Hence, Coinshift plans to add in-built insurance coverage solutions to mitigate risks and secure your treasury funds.
Coinshift has built the core features for crypto treasury management with multisig and multi-chain support. Coinshift has a small but dynamic team of Indians and multinational people led by Founder CEO Tarun Gupta. They have received $17.5M in Series A funding. Among its investors are some of the biggest entities in DeFi and the venture capital space. They include Tiger Global, Sequoia, Alameda Research, Ethereal Ventures, Polygon Ventures, Gnosis, and Fintech Collective. Coinshift has a growing userbase with $100M+ in payouts and over $1.1B of assets that various crypto companies and DAOs are managing using Coinshift. The expanding funding and companies using Coinshift shows the trust their team has earned within two years and proves the utility of their simplified and smart treasury management solution for crypto projects and DAOs.