How Biconomy Manages their Multi-Safe Treasury with Coinshift

Written by pray.eth | Mar 30, 2023 2:20:57 PM

Introduction

Biconomy is a developer and transaction infrastructure platform that helps web3 builders deliver effortless experiences to their end users. Their hyper-flexible SDK lets developers easily plug, stack, and customise APIs and modules that offer massive benefits to users, including one-click user journeys, transaction bundling, and control over gas fees. And integrating their multi-chain, non-custodial SDK typically takes minutes!

Biconomy’s SDK is used by many firms and crypto organizations to reduce application complexity. The J.P. Morgan team utilized Biconomy’s gasless relayers, dramatically simplifying how they managed gas during DeFi transactions.

dYdX integrated Biconomy's Gasless SDK to offer free transactions to new users, significantly reducing friction during the critical onboarding process. Similar Biconomy solutions are used by Decentraland, The Sandbox, Zed Run, and countless others.

Treasury Management with Coinshift + Gnosis Safe

Biconomy uses Safe (formerly Gnosis Safe) to custody treasury assets and Coinshift to actively manage and report on those assets. They manage Safes on both Ethereum and Polygon networks. And while Biconomy loves the security that Safe provides, they needed a way to monitor and manage transactions across their entire treasury, regardless of the Safe or network. There was just too much friction managing each Safe account separately.

Biconomy chose Coinshift to consolidate their many accounts together into one user-friendly application. Once Biconomy configured their organization in Coinshift, they could quickly import all of their existing Ethereum and Polygon Safes, and add new Safes on seven supported networks when needed. Biconomy now has a more complete view of their entire treasury, regardless of Safe or chain.

In addition, administration of the treasury is greatly simplified, as contacts and labels are shared across all Safe accounts. Biconomy multi-sig signers create and approve transactions from Coinshift while viewing activity across all Safes within their organization. Invited Members to Biconomy's Coinshift organization can propose transactions for signers to approve, saving time and simplifying operations.

Reporting and accounting through Coinshift is also greatly simplified, and data is more complete. Biconomy sees their entire treasury in real-time, across all Safes and chains. And transaction history can be exported into one .csv file. Biconomy can filter the exported data based on business needs, e.g. by labels, token, date, Safe, network, etc. This ensures reports are complete, timely, and relevant to each user. Comprehensive treasury management, all from one application!

“It’s been a great experience using Coinshift as it has simplified the entire life cycle of carrying out a transaction. From initiating to accounting for a transaction, we can do it all from one place.”

— Arshita Khetan, CFO, Biconomy

2023 and Beyond for Biconomy

Biconomy Support for Account Abstraction
Biconomy continues to grow and develop, and view developments around account abstraction as another growth driver. Biconomy has been actively supporting and working on Account Abstraction since 2019, with their flagship Gasless API, which has powered over $2 billion in total gasless volume to date! With the recent launch of ERC-4337, Biconomy will continue to focus on helping web3 teams simplify every stage of the user journey, with newly added features to their SDK such as Transaction Bundling and Flexible Gas Payments.

New Coinshift Features
Biconomy is excited about Coinshift’s upcoming release of Portfolio History. The ability to track Biconomy’s complete treasury portfolio from previous months, filtered by asset category, token, labels, and dates will greatly simplify and enhance historical reporting.

Biconomy is also looking forward to more account types being integrated into Coinshift to expand their custody options, especially hot wallet (EOA) integration, scheduled for release later in 2023.

“Special shout-out to the Coinshift team, who has always welcomed feedback and proactively worked towards improving their product.” — Arshita

If your team would like greater transparency into all of your treasury assets and transactions, regardless of Safe or chain, and the ability to manage your entire treasury from one user-friendly interface, we'd love to talk to you about how Coinshift can help! Simply click on the button below to get started:

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