How Was Your Crypto Winter?
Ours was spent in the dry dock, overhauling Otonomos for some upkeep and readying it for the planned journey ahead.
June 21st is start of Summer in the Northern Hemisphere and the long crypto winter now truly feels behind us. Here is what we did over the cold months.
Despite the cold, client work did not subside.
There’s a been a clear sense of making preparations for Spring, with many clients rejigging their entity structure.
New entity demand too remained strong throughout, especially in the fund formation space.
More generally, this crypto community keeps spawning new projects that need legal wrappers. Every day we’re learning from our clients as we help them decide where to incorporate.
It’s also been our clients who carried us through our first full year since relaunch after the perfidious investor plot, now more than a year ago.
Finally, it’s been our clients who invested in us when we took our first outside money, and they’ll be the first we approach when we raise next. Hence we owe it to them to build a great organisation that earnestly puts clients first.
Building a business in this space really does feel like real-life sailing, with its special sense of community and tacit code of solidarity.
There’s a great sense of common purpose from working towards a more decentralised future to regain privacy and individual sovereignty.
2. New moorings
We’ve also used the past months to rejig our own setup.
We made the Pacific crossing from Asia and are now moored along the West Coast of America, straddling the Bay Area, Seattle and Vancouver, all three tech hubs in their own right.
Not only has it been rather refreshing to be away from the stultifying heat of South East Asia, timezone-wise Pacific Standard Time is closer to our main client base, closer to a realtime regulatory debate, and closer to our best-selling jurisdictions.
From here, you fly West to go East and fly East to go West. Tokyo, where our designers are based, is still within reach of sorts, as is Taipei where we set up a dev presence. Flying 10 or so hours East and you’re in London and Western Europe.
The rest of the team is scattered all over, from Vienna to Hong Kong to Sydney. It’s a setup we see with most of our clients. Much has to do with how people prefer to work: master of their own time and committed to projects that give them fulfilment, with money typically a secondary or tertiary consideration.
Finally, we put ourselves a challenge over the last months: to figure out if we could compress the time and number of steps it takes to form a real world company to one single click.
We first deconstructed every company type across the matrix of jurisdictions we offer: what information do we need to gather from clients? What filing is required to incorporate? Are notaries or third-parties involved? Who keeps track of who owns shares or takes directorships, the company internally or an official Registry? Etc.
We then looked if each analog process could be replaced by technology and how it could be automated and kept as much as possible out of sight of the end user.
Finally, we made scorecards, adding factors such as APIs with Registries, ease of fiat banking, crypto-receptiveness, tax, etc. as there’s no use offering an instant entity in a place with prohibitive taxes, or where crypto is unwelcome.
The results were often counter-intuitive: Singapore came out near bottom, the US top, and Canada — often overlooked — a strong second.
We’re now working on a first implementation. To make our solution work, we had to refurbish one of our subsidiaries to become and authorised filing agent. We secured an ENS domain for the smart contract that will allow users to instantly spin up their real-world, blockchain-native entity. And we’re using DAI as its payload.
In our design choices, we aimed to keep blockchain and crypto hidden from view to lower the threshold for mainstream adoption whilst sticking to the decentralised ethos.
Soon we should be able to take the wraps off our prototype. We’re aiming for a one-click solution that will allow anybody to spin up a limited liability legal wrapper around their individual project or asset in seconds and at negligible cost.
All this on blockchain, but that’s under the hood. What counts is that the user gets a 10 times better experience and is in full control.
We’ll update you here soon.