Where new organizations bloom, so does their need for infrastructure. Utopia Labs is a startup that wants to manage the payment requests, reporting, and payroll for your DAOs. Let’s check them out!
⚾ The Elevator Pitch:
Can you imagine a world where people work for not one, but many organizations? Where offices are not physical, but rather exist solely on Discord? Where fiat currency salaries are a thing of the past, replaced by crypto tokens & stock? Well, if this all sounds too futuristic then, welcome to the present - this is the world of DAOs (decentralized autonomous organizations). It is a sector that is booming in the crypto-driven Web3 space and has the world buzzing.
Utopia Labs, a startup whose founders casually met on the Metaverse (Twitter and Discord), wants to help catalyze this growth. They created a modern reporting system for DAOs. Their tools help DAOs manage members, maintain payroll, and keep track of contributions. Some of the biggest DAOs already hold $6 billion worth of cryptocurrency.
👇 The Drop Down
Tech trend: Blockchain
Traction: Partnered with Coinbase for DAO tooling, Raised $1.5 million from group of investors, Featured on TechCrunch
Team - Techstars graduate, Engineers, On Deck Catalyst
Kaito Cunningham | Jason Chong
Alexander Wu | Pryce Adade-Yebesi
🔍 Why we like it
- 🎯 A future worth taking part in
- DAOs have become a major trend and the potential for growth is enormous. The best part? — the majority of these operations are running on a global scale, making it a perfect infrastructure to take on globalization and international collaboration. Utopia Labs is working on a number of infrastructure tools, payments is just one piece of their roadmap. By introducing a more scalable token distribution and management system, they are way ahead of the curve for DAO tooling.
- 📈 Don’t believe the emerging trend? Check the founding year.
- If words like blockchain and DAOs all sound too bleeding edge, remember that the team founded this startup in September - Yes, we’re still in 2021 and their traction is crazy for just a few months in. Cooper Turley, founder of FWB (a premier online cultural crypto-community), cited that DAO tools for payroll “make DAOs crypto-native…In a world where there are dozens of possibilities, automating incentives, bounties, and salaries are the only way in which DAO can thrive.”
- 🏰 Built on top of the right tech, pursuing the right problems
- Utopia Labs is on Gnosis SAFE, which is a public framework for voting on transaction activities for a decentralized wallet. In this model, all members of the DAO get a say in how the funds are spent. Furthermore, it can all be done in bulk, emulating the payout policies of traditional companies. While Utopia Labs is starting with payments, they are ambitious to expand their platform to support everything from marketing to finance to task management tools.
🤝 Get involved with Utopia Labs
- They’re hiring for front-end & full-stack engineers!
- Follow them on Twitter and LinkedIn to get recent updates