GoodX Shared Account for Businesses

Making Stellar Multi-Signature Easy

GoodX Network
3 min readDec 11, 2018

At GoodX we announced version 1.3 for iOS recently, and it is coming soon to Android. One of the highlighted features in this version is multi-signature accounts, and we decided we’ll put forward a story to explain it further!

“On a recent discussion about safe yet efficient banking solutions for businesses, my friend Sophie made some astounding revelations. Sophie and her husband Lukas run a small business branched in Barcelona and Vienna with 15 hard-working employees in the company. For years they had typical shared business accounts in prestigious local banks in both Spain and Austria.

Sophie would often complain that in paying salaries, bonuses and other business payments, she pays a lot of bank fee. Sophie and Lukas recently partnered with an investor named Anders. Anders offered them to branch out in Oslo, Norway along with partial investment from him.

Sophie mentioned that since she and her husband could trust each other, the idea of a joint account in a local bank was doable. However, after a partnership agreement with Anders who they didn’t want to trust blindly, they were doubtful about having a typical joint account in a Norwegian bank for the three of them. Instead they wanted to try a Fintech solution that makes the whole banking process more efficient and transparent for a business in multiple countries like they have.

Anders suggested them to open a multi-signature account with GoodX Network. This would be a faster, cheaper, more convenient and a safer solution for them. GoodX has a mobile app that is providing users with multi-currency fiat-crypto-gold credit and payments platform, with an IBAN and asset linked credit card all in the cheapest possible prices. The three of them downloaded this app and registered as users. Then Sophie created a wallet within the app and made both Lukas and Anders signatories. While contributing capital, all three of them were able to contribute to this Stellar Wallet.

Recurring payments such as salaries of the employees could be set up from this account along with any other costs that come by. When Anders had to take money from the capital to spend on the office in Oslo, he initiated a payment of 4500 XLM from this joint stellar account to the vendor. Both Sophie and Lukas were immediately asked for approval for this payment. They signed the transaction for approval using their unique private keys. All withdrawals and transfers made from the joint account were verified from all three users before being processed. This allowed for added security and transparency in their business.

Sophie seems to be very satisfied with this Stellar-based protocol within the GoodX App that lets her and her business partners create and sign multi-signature transaction with ease, without having to get into the complicated way of doing it directly on the Stellar Network.”

Pre-register to access offers and new features here! 🥇

Download the app from here for iOS and here for android 💙

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GoodX Network

Fiat, Crypto & Investment Gold in a single mobile app, and the World's first credit card and personal IBAN linked to cryptocurrency and Gold