Growing small business interest in metaverse and web3 technology has highlighted the need for crypto governance tools such as enterprise-level crypto wallets.
In the past year, it’s no longer just crypto-native companies that are bandying around the terms “metaverse,” “web3” and “NFT.”
Google trends data shows an increase in search data on the term ‘metaverse’ across 2021.
On social audio app Club House there are millions of users in cryptocurrency, blockchain, metaverse and NFT clubs and it’s no longer just your kids who are joining Discord groups, it’s your peers who are trying to get their heads around how to capitalize on crypto and the metaverse market opportunity.
Another trend to watch is the rise of the Creator coin or token and these are not just for young, consumer-focused Instagram and Tik Tok influencers. The fact that respected authors, futurists and social media commentators Gary Henderson and Mark Schaefer have launched their own Creator Coins on Rally.io means that, pretty soon, many other social media influencers in the B2B space will follow.
Crypto governance challenges for SMEs
While finding a wallet that’s suited to the needs of your SME is not perhaps as thrilling as launching a creator coin or generative NFT – it is important. So we thought it timely to examine why.
Businesses will face huge security, governance and liquidity challenges in the rush to jump on the crypto train if they don’t have access to enterprise-grade digital asset management tools.
However, currently, enterprise wallets are an emerging market offering and largely inaccessible for SMEs. Most have minimum holding requirements in the millions and require huge set-up and engineering investment. If you’re an SME or even a crypto startup with a six to seven-figure annual turnover, this is a huge barrier to entry.
The security risks are real in crypto and the metaverse
In the past year alone, Facebook, Disney and many other large corporations have announced their intention to launch metaverse platforms and already we’re seeing the need for tighter security and governance.
Hacks do happen on crypto exchanges and while most have good security protocols, many of them are not set up to cater for enterprise-level security, compliance and liquidity needs.
If the recent $200M hack on Bitmart is anything to go by, this is a problem that’s not going away.
The future for crypto governance
Despite these challenges we remain optimistic about where the industry is heading. There is huge growth in the enterprise crypto asset management sector and Defi. A recent report by Deloitte states that the crypto digital asset market has grown to US$ 239 bn.
With more focus on business crypto investment, companies that don’t plan to adopt enterprise-grade custody solutions will struggle when the metaverse becomes mainstream. SMEs will demand sophisticated solutions just like they do with web2 SaaS platforms.
At Unido, we believe that every business should be able to access user-friendly enterprise-grade tools to manage and grow their digital assets. That’s why we’ve created a simple, plug and play enterprise wallet that has the security of a cold wallet but the flexibility and liquidity of a hot wallet.
We are excited about what the future holds for SMEs in the world of decentralized finance and with our beta-release of our web wallet, Unido EP, launching March 7 we welcome SME feedback.
About Unido EP
Unido EP takes the complexity and expense out of asset management for organizations with sophisticated corporate governance needs. Our patented, end-to-end platform seamlessly automates corporate governance, self-custody and digital asset management so you can securely store, manage and invest in crypto without massive overheads.
Unido EP comes with a web-based dashboard and a decentralized application (dApp) featuring a robust set of DeFi tools, easy-to-set-up authority regimes and iron-clad security. All of this is inside a complete digital asset management platform, built with financial institutions in mind but tailor-made for any organization or individual’s needs.
To become a beta-tester between now and April 20, 2022, get started here.
By Chris Weddle
Chris Weddle is an experienced software developer and the founder of Unido.