Inspiration
Payroll is one of the most annoying and least attractive things to undertake. On top of that, it takes you out of focus and is not the core of your business. It is a problem on a global scale, and to top it all off, in crypto, it is a repetitive, tedious, manual task that is very likely to make mistakes.
CEOs dedicate themselves to doing this, they lose up to 5% of their monthly time. Then, when the company grows, they have to delegate it, and usually it is to a person, who knows nothing about the crypto world.
On the other hand, our Head Of Payroll was our major inspiration, a 55+ year old user, who had never used anything in the crypto world. We developed the APP so that she can pay salaries quickly, safely, and in a single click, however many employees you have.
What it does
Wink is a Web3 Payroll & Treasury Management solution for web3 companies that allows companies to pay with any crypto faster and easier than ever.
Through an Excel file you will be able to pay to yours employees, it’s too simple. After that, you choose how to hold their working capital, whether it be in BTC, ETH, or any stablecoin or even all of them combine. Done this, employees can also choose in which Token’s they want to collect their salary and in which wallet they want it to be deposited, being able to change it freely, without having to report the change to anyone.
For example: you can have all your working capital in USDT, and one of your employees can choose to receive 100% of their salary in BTC, and another can choose 50% in ETH and 50% in DAI.
In this way, our Web3 solution offers transparency, fast delivery, optimized fees and a user experience prepared for people who do not know about blockchain. In addition, no KYC process is required, facilitating and speeding up onboarding for any type of company that is AML compliant.
How we built it
Our solution was built after we executed a wrong transaction. As a result of this, we lost the total amount transferred. Our first MVP was built around one-to-one transfers over the Ethereum blockchain. Afterwards, we worked on batch transfer. This allowed us not only to save operation time but also to save on gas costs. Finally, we could launch our Web3 solution over the Binance Smart Chain blockchain. Wink started as internal software of Think and Dev a devshop, and when we realized it had the potential to become a whole product. So we made a spin off and dedicate a 5 people team, composed of full stack js developers with experience in blockchain and smart contracts.
Challenges we ran into
One of the biggest challenges was that we had to redesign the customer journey in order to improve the user experience. On the other hand, we had to overcome several technical obstacles related to multiple blockchains.
Accomplishments that we're proud of
We have designed a solution that simplifies payments and expense management by providing efficient tooling to save money and time. We offer a quick onboarding process with no KYC, the ability to pay salaries in one minute and on time, multi-coin, automation, and the capability to save up to 90% on fees and costs.
What we learned
Some of us are IT profiles, so we had to learn several concepts related to the financial and payroll processes. According to that, we noticed that it is common that people, in general, don't have enough financial knowledge. We've learned that blockchain space needs financial infrastructure to reduce errors, improve processes and help people without deep technical knowledge
What's next for wink
Payroll is just the beginning and it is the spearhead to insert the new products that we are going to launch in the next 18 months. Expanding our range of services not only to the universe of payments 3.0, but also to treasury, investments, loans, and more. In addition, we are going to add new features such as: Dashboard, Reporting, Integration with quickbooks, SAP, Integration with exchanges.
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