Dialogue with Open Treasury: "Enterprise Bank" + "Financial SaaS" in the Encrypted World

Original author: 0x137, BlockBeats

In the past 10 years of development, we have seen the continuous popularization of the blockchain along with technological innovation: the rise of Ethereum in 2016-17, the blockchain got rid of the "search for the next The narrative of "a Bitcoin" and various forms of IC0 laid the foundation for the "encryption industry"; the rise of DeFi Summer in 19-20 has found "application scenarios" for the blockchain, and blockchain technology is widely used in DeFi, NFT, Layer 1. Layer 2 and other protocol levels achieved breakthroughs, and the concept of "Web3" was born and began to popularize; with the emergence of Stepn in 22 years, blockchain technology began to advance by leaps and bounds at the application level, stepping out of the Internet's prosperity and development stage in Facebook, Uber and other applications feature.

In this article, the author of BlockBeats interviewed Jason, the founder of the Web3.0 application project Open Treasury team, from the project introduction, the original intention of the team , competitive product analysis, and business models. In the future, BlockBeats will continue to pay attention to the application development in the Web3 field, communicate closely with the founding team, and deeply track the new wave of Web3 development.

Open Treasury: The Gospel of the Web3.0 Team

Open Treasury is a wallet and financial management application for Web3.0 project teams and investors, aiming to be a corporate bank in the Web3.0 world. It can help the team manage and track asset movements, and share financial statements with investors and DAO members in real time. In the future, Open Treasury will also launch an asset statistics service for NFT to collect complete NFT asset information from the primary and secondary markets for the team.

Managing assets is a headache for many Web3.0 teams, most of their assets span several companies Chain ecology, transaction operations involve smart contract collection, advertising operations, salary distribution and other aspects. The problem that Open Treasury solves is to integrate the assets of projects distributed in multiple wallets and public chains into categories, help them manage financial operations at all levels, and generate real-time and detailed financial reports.

First of all, users can see the asset portfolio and distribution of the project as a whole on the "Dashboard" page, as well as the day or month of each asset Variation.

at the same time The "Dashboard" page can also see the payment function created by Open Treasury, and the project team can complete detailed financial operations. Users can choose the transaction wallet address, transaction assets and amount, and Open Treasury will automatically classify and summarize each transaction according to the wallet label.

take into account For the payment needs of team members in actual work, Open Treasury also provides the payment function in the payment function later. Team members do not need to be in charge of the wallet, they can also directly initiate a payment request, and transfer it to a colleague who manages the wallet to complete the payment. All records of payment requests and transaction details will be recorded in the transaction history.

In the "Wallets" page, you can add project wallets, and make label notes for batches or individual wallets. After tagging and remarking the project wallet, Open Treasury will automatically summarize and organize all the daily transactions of the project.

in " Transactions” page, you can see the project’s revenue and expenditure details, and you can also change the label for a single transaction. For example, if the team uses the advertising operation wallet to pay employees, they can modify the transaction from "advertising expenditure" to "employee salary" in "Edit accounting subject".

in " On the Cash Flows page, you can see past and current fund flows and financial details of the project.

due to big The income and expenditure activities of some Web3.0 projects occur on the chain, so the team only needs to make a simple tag setting on the daily activity wallet of the project, and can easily pass through Open Treasury, by year, quarter, month or even day As a unit, track the financial status of the project in real time. The figure below shows the expenditure on employee salaries, advertising expenditures and other activities of an NFT project on May 23.

in " Members” page, the team can set access permissions for the project’s finances according to their own needs, and share the financial report content with project partners and investors based on email. As an investor, you can clearly view and analyze the health and development status of the invested projects in a one-stop manner.

more important What's more, through Open Treasury investors can see more real financial data. When investing in traditional companies, most of the reports prepared by the team for investors every quarter are multi-layered and packaged to cover up the real financial situation. The financial report data shared by Open Treasury not only has no time delay, but also the content seen by the investor and the project side is exactly the same, eliminating the possibility of team packaging and fraud.

For DAO organizations, Open Treasury also provides the function of financial disclosure to the DAO community and members. Click "Setting" in the "DAO Members" section to set custom standards for the identity verification of DAO members, such as holding a certain number of Tokens or NFTs of DAO projects, so as to share financial information with DAO members who have passed the qualification verification.

Finally in On the "Security Logs" page, you can see the team's operation records related to financial security. Many Web3.0 teams manage multiple wallet addresses, and it is difficult to pay attention to the details of each operation. Therefore, for some risky transactions, such as adding or deleting wallet addresses, air investment assets that are not included in project revenue, etc., Open Treasury will Automatically stored in a centralized server, these data will be directly uploaded to the chain in the future.

Based on the above With multiple functions, Open Treasury will play the role of "corporate bank" in Web3.0. Around the internal financial management and authorization model of the enterprise, it provides Web3.0 projects and teams with a relatively complete financial system of traditional enterprises. It provides a simpler and more convenient channel for project parties and investors to understand the health status of the project and follow up the development of the project.

Web3.0 also needs a more mature financial SaaS

In the past six months, a series of fund management applications represented by DeBank, Zapper, Utopia, etc. have begun to emerge in large numbers. According to Open Treasury founder Jason, like traditional corporate banks, on-chain fund management It will also become an important track in the future encrypted world. "This is actually an inevitable trend for the entire Web3.0 industry to mature, because if this industry wants to get rid of the "Ponzi" label, it needs to generate actual use value, and When it comes to use value or application scenarios, they must be specific.”

In Jason's eyes, this is a very large-scale track. Take Intuit, the largest financial SaaS company in the United States, for example, It provides financial management services to consumers, small businesses and self-employed people in the United States, Canada and other places, and has achieved a market value of US$100 billion just by virtue of membership subscription revenue. In a mature Web 3.0 world, "corporate banks" will likely have a similar share.

"Many Web3.0 teams now accept digital assets as a means of payment, we can imagine that there will be more and more More and more traditional enterprises start to own their own Web3.0 assets", and what Open Treasury needs to do is to master and manage the financial records and access portals of these encrypted teams, which is a great power in traditional corporate finance, affecting In many aspects such as business operations and bank loan investment, "This is actually very similar to corporate banks selling their own wealth management funds, but Open Treasury can also manage and audit wealth management funds at the same time."

Jason's own team has done business operations on the Internet for more than 10 years, and is very clear about the pain points of corporate financial management. After Web3.0, I also deeply participated in many projects, and found that the financial management pain points of most Web3.0 projects are very similar to those of traditional enterprises. In Jason's view, the introduction of a standardized and mature financial management system is an inevitable trend in the development of Web3.0, and with the help of Web3.0 technology, it can greatly improve efficiency and transparency. Combining the two is undoubtedly a The perfect solution.

It is not difficult to see that in the big track of on-chain finance, Jason chose the team and organization as the starting point, "Because the team not only It is the foundation of an enterprise and the most basic production unit in the social and economic system. The main driver of the future encryption world is also a team. Although there is a more fashionable DAO now, it is still a team in essence.” As long as financial SaaS is provided for Web3.0 project teams and DAO organizations, allowing financial access to scale, Open Treasury can become the Intuit of the Web3.0 world.

Competitor Analysis

In the current Web3.0 asset management field, most applications are aimed at individual users, and their functions only involve asset aggregation and marking. There are few applications like Open Treasury that provide full-stop services for teams and organizations. In terms of corporate finance, a similar application is Utopia, a DAO organization compensation service that has just completed 20 million US dollars in financing.

Utopia can Provide DAO organizations with automated payroll denominated in USD or Token, and pay regular payments to team members and core contributors. At the same time, DAO can manage its internal working groups and member roles through Utopia, and understand the past contributions of each member and the total compensation cost of the DAO organization.

Compared with Open Treasury, Utopia's positioning and functions are more concentrated, focusing only on DAO organizations and their salary management. In Jason's view, Utopia wants to cut into the fund management of Web3.0 enterprises through the salary of DAO organization. In terms of this aspect, Open Treasury wants to cut into Web3.0 enterprise salary from payment.”

Open Treasury's service objects are not limited to DAO organizations, but can provide services to any enterprise and team using encrypted assets. From this perspective, it has more similarities with traditional financial management software, such as Intuit in the United States, UFIDA and Kingdee in China. These companies also provide management and auditing of assets, human resources and customer relations for enterprises. Software and Services.

However, Jason believes that Open Treasury with the help of Web3.0 has unique advantages. It is just a pure financial management system, and the transaction data in traditional finance is relatively independent, so it is difficult to directly access its internal transaction system and obtain relevant data.” In contrast, the on-chain finance of Web3.0 is open and transparent, and the wallet is sufficiently decentralized. one".

Business Model

Jason believes that there are many possibilities for the profit model of Open Treasury. As far as borrowing from the current traditional financial management services, the most important models are as follows.

1. Traditional financial SaaS subscription: This is the current revenue model for most financial management services. Financial SaaS company, its financial software can generate billions of dollars in revenue every year just from subscription fees. In the Web3.0 world, Open Treasury not only provides efficient and transparent financial revenue and expenditure, authorization and asset management services, but also has real-time financial reporting and auditing functions. It is a high-quality choice for project teams and DAO organizations. During the interview, Jason told us confidently: "As far as the team that uses Open Treasury is concerned, it is basically inseparable from it every day after using it."

2. 2B Corporate Bank: We can regard Open Treasury as a corporate bank and third-party audit company in the encryption field. Project teams or DAO organizations can access their own funds through Open Treasury, just like corporate banks control the capital entrance of enterprises, which can bring more potential financial opportunities to Open Treasury. "For example, I have 60,000 US dollars. Take 30,000 US dollars to make a 10% ROI financial investment in Web3.0, then Open Treasury can play a role.”

This model is actually very common in traditional industries. The income comes from the company's business. After having the company's historical financial and credit records, they can decide their own loan objects and generate income from it. And Intuit also launched QuickBooks Capital a few years ago. According to the data points of its software QuickBooks, it provides credit loans of up to $35,000 to its small business users, which has brought considerable income to Intuit.

Project progress

Jason is very clear about the future development path of Open Treasury, which is the "corporate bank" and "financial SaaS" organized by Web3. Open Treasury currently has a team of about 10 people including engineers, designers, and BDs, and the public beta has started. In the near future, the team will further improve the authorization system for internal transactions, expand the R&D and business development teams, and actively carry out business cooperation and financing work thereafter.

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