The Otonomist - March 2023 Issue
March has been for the brave, those who despite everything keep building and believing. In this issue, we look back on what options are left to get your crypto company banked. We also present a new non-U.S. option for teams who want to build out of Dubai. Finally, we share what we did over the month of March on OtoCo’s development side.
Keep the faith!
Han, Founder and CEO
NEW! Use Otonomos to establish a company in Dubai's growing crypto hub and get zero-tax Dubai residency
Otonomos’ mission is to help entrepreneurs work from anywhere by making it easier to form and maintain their entity stack in jurisdictions that work for them and where they prefer to work from.
To respond to clients’ demand for a UAE base, we have now put a robust and good-value incorporation package together that lets you form an entity in one of the most attractive Dubai free zones for crypto and blockchain entrepreneurs, the Dubai Multi Commodity Centre (DMCC).
We’ve streamlined the process to get you all set up within a week without any headaches, and offer ancillary work visa, office and bank account services for those clients who also want to physically move to Dubai, in addition to basing their company there.
In what follows we highlight the benefits of a UAE company. We then walk readers through the process and fees. We close with an overview of our service offering in the UAE.
Whack-A-Mole: Opening and maintaining a bank account for your crypto company
We live in strange times, with bank runs caused by the very Government actions that caused banks to lose money.
While the full backstop of all deposits may ultimately result in the implosion of fractional reserve banking and accelerate the mainstream adoption of crypto, crypto projects and investors face the clear and present danger of being cut-off from fiat on- and off-ramps.
Whether a deliberate rerun of Operation Choke Point or a knee jerk reflex by TradFin paranoid about losing access to the Fedwire system, the practical result is that crypto businesses are facing real challenges in opening and maintaining fiat bank accounts.
In what follows, we report from the field with what we see happening. We then share some tips and tricks on what worked for Otonomos clients in the crypto space.
OTOCO DEVELOPMENT UPDATE
A new entity creation workflow with revised LLC pricing and one-step community-owned DAOs
March was an intense development sprint at OtoCo, with work streams on both the front-end and the smart contract side.
On the front-end, we now created clear panels on OtoCo’s landing page that let you select the entity for your needs, with two LLCs (Delaware and Wyoming) and an unincorporated DAO.
Our Swiss Association is set to launch at the and of April as our first non-U.S. instant onchain limited liability!
On the LLC side and for all onchain entities that map to a legal jurisdiction, commencing with the Delaware and Wyoming LLC and with the Swiss Association to follow, we revised our pricing and will be charging the ETH equivalent of US$49 per entity (plus gas fees).
The rationale for this is that OtoCo has to be revenue-producing for it to continue to exist as a community-owned blockchain primitive. We felt 49 dollars is incredible value for an instant legal container and access to the growing number of bolt-ons for your entity or DAO from within OtoCo’s dash.
Payment itself will be in ETH, so your transaction activates the entity creation smart contract and an oracle will be converting the US$49 price into ETH in real-time.
DAO creation will remain free (ex transaction fees)!
> Read about our full March sprint and the additional functionality within OtoCo here:
Next month in The Otonomist: An announcement on the Otonomos side and all about OtoCo’s onchain Swiss association.