What good is money without the ability to spend it? It may seem like a non-problem, but it is in fact at the heart of the entire financial industry – past, present and future. Civilisation’s ability to effectively and frictionlessly transfer value from one place to another is the reason for so much of our modern world.
Rain is a start-up focused on making crypto capital wash seamlessly throughout the web3 landscape. In the past, we would lug gold across the roads, prey to bandits, or use paper from an authority we pray didn’t collapse in the time between our journey starting and our arrival at our destination.
New Finance for a New World
Financial technology is chiefly concerned with hyper-efficient and seamless capital movement, because it unleashes the potential of any given economy. If teams can spend their money, and others receive it safely and quickly, then innovation and industry are never too far behind.
Web3 is currently in the process of reshaping the world’s financial system as we know it. On-chain finance has the potential to create a transparent, frictionless system that is not vulnerable to manipulation or ring fenced by extant authorities. Yet as that revolution takes place, there will still be an essential need for quick, easy, and secure everyday purchases – whether that be for individuals or larger teams.
Putting DAO Treasuries to Good Use
Rain is a start-up focusing on providing corporate crypto cards that help web3 teams spend their on-chain capital as quickly and efficiently as corporate teams do using TradFi methods and off-chain capital. The need for a fluid payment system as more of the world’s systems move on-chain is as vital as the rain that falls from the sky, and Rain is positioned to provide exactly that.
Many web3 start-ups are sitting on treasuries stocked with crypto that can be tricky to utilise effectively. NFT projects who have seen success may have a hoard built up from royalties. P2E gaming projects with an active player base have a sudden mound of crypto they want to spend to improve their product. Perhaps most pertinently, the flush of newly created DAOs that are springing up need a way to deploy their capital in a seamless fashion. Many have corporate credit cards. They’re an essential tool for businesses to safely and efficiently pay for expenses.
The Need for DAOs to Pay for Expenses
Web3 companies, even if they are fundamentally based within the new world of web3, still need a way to spend that crypto capital on traditional business expenses. SaaS, accounting, server costs, travel to conferences – and much more besides. What about their subscriptions to various essential services? Maybe, even, the need for office space (although the increased digitization of work perhaps means this expense is unlikely). All the same, these expenses often need fiat (at least for the time being), and the cost to offramp resources can be punitive for a start-up making significant transactions.
The transparency is also problematic. If a DAO you are invested in suddenly begins offramping its treasury into fiat, the traceable string of custody becomes lost, and attack vectors for fraud open up. DAOs, this new form of capital and political organisation in the corporate world, need to have a smooth way to use their capital to advance their mission. Raincards are that way.
How Rain Crypto Cards Help DAOs Function
Rain’s corporate crypto cards link to the USDC balances of treasuries and let them spend in fiat worldwide. The essential operating expenses of any new start-up can be processed effectively without opening up the Pandora’s box of issues associated with going to a fiat bank. In crypto, things move fast.
The bureaucratic delay of deploying crypto funds in the traditional business world has the potential to kill and thrilling new projects in the crib. Rain has the goal of making sure that is never a problem again, helping them scale to mass penetration in web3 without any hindrances. Rain customers will be able to access the Visa and Mastercard payment networks without the need for bank accounts, central exchanges, or expensive offramping.
Rain isn’t just a corporate card though. The project has larger ambitions of reworking the under-the-hood structures that cause global finance to revolve so slowly. Manual reconciliations, SFTP uploads, claustrophobic business hours. None of this is fit for purpose in today’s ever-faster world.
DeFi has the potential to renew the alacrity of financial instruments, and Rain members with their corporate crypto card will be at the cutting edge of that. The headline: spending crypto capital on your Rain card is faster than any centralised provider. Your money will be out the door, and your product or service in the door, by the time a centralised provider has sent you one 2FA message.
It’s Raining Frens, Hallelujah
Rain has already secured $6 million of funding in a seed round headed up by some of the most respected names in crypto and fintech. Lightspeed, Circle Ventures, Coinbase Ventures, and Uniswap (among others) are all involved in propelling this start-up into the mainstream. With such A-list backing, it’s no wonder that Rain has already caught the attention of DAOs, who are piling in to join their waitlist. A significant part of the excitement is doubtless based on the fact that Rain’s services are entirely free.
Rain’s corporate crypto cards have the potential to unfreeze DAO treasuries right across the web3 ecosystem, and create payment plumbing that is transparent, fast, and cheap. Rain is at the intersection of web2 and web3 capital management – a powerful tool to put a community’s money to good use. With this utility unlocked, creators, dreamers and builders all across web3 can turn their projects from concept to reality, and use their funds to continue to create the world of web3.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.