We surveyed hundreds of businesses about their biggest cryptocurrency concerns. Volatility was near the top of the list.
Businesses just can't handle the risk of lower profit margins if their crypto funds lose value compared to fiat currency.
There are materials to purchase and suppliers to pay. Things have fixed costs in fiat currency and can't be bargained down just because the crypto market went through a price swing.
Together with MakerDAO and Request Network, we've created a solution that allows businesses to send and receive crypto payments in amounts pegged to the value of USD. We do this using the revolutionary Dai stablecoin.
Here's a demo to show how Dai invoicing works in Gilded:
While this solution looks great on the surface, there's one glaring problem: if a business wishes to pay in DAI, how can they acquire it? Currently, the main ways to acquire DAI are to either lock up Ether in a CDP contract, or by trading on a decentralized exchange.
CDP contracts require some attention to the current state of the crypto market. That makes them a good solution for investors and savvy business owners, but not so good for reducing uncertainty in an already new and sometimes complicated system.
Decentralized exchanges offer a very useful mechanism for purchasing DAI, but with two big drawbacks. They require purchasing Ether first, and they also require relatively advanced technical knowledge (such as wrapping ETH).
Gilded's solution is an integration with Wyre to purchase Ether and DAI directly using a fiat bank account. Here's a prototype showing the basics of how a DAI purchase might be made:
Gilded will offer two versions of our Wyre integration. One will be a basic "Need Crypto For MetaMask" website that anyone can use to easily purchase crypto and deposit it directly into MetaMask. The other version will be integrated directly into the Gilded app and will make it possible to pay a crypto invoice using a fiat bank account.
There are a few missing steps whose details we're still ironing out, but we anticipate rolling out the Wyre onramp solution before the end of 2018.
Try It Soon In Public Beta
The advanced invoicing features shown above will only be available to customers of Gilded's crypto accounting solution.
However, to celebrate our upcoming launch we're opening it up to everyone during a free one-week public beta period. Join our email list below or follow us on social media and be the first to know when DAI stablecoin invoicing is available for your feedback.
Would your business be more likely to send or receive crypto payments if volatility was less of concern? If so, Gilded can help. Get in touch today to learn more.