The New Discipline Web3 Software Companies Must Develop by @ttunguz

B2B web3 companies will need to manage their treasuries from the very first few customer contracts because there are consequential questions to answer from day one.

Most US web2 software companies might progress through their lifespans without ever uttering the words treasury management in a board meeting. 

Third, how will your business manage payments and accounts receivable? A big bill comes due and the company can opt to pay in dollars or crypto. It might be monthly payroll. Which option is better: tokens or dollars? 

Second, if the business keeps the tokens, the company bears some tax risk. Imagine your top account executive books a $5m USD contract paid in tokens. The business pays 20% tax annually which implies a $1m tax liability on the tokens. In the subsequent two quarters, the token’s price collapses by 95%, so the $5m is now worth $0.25m. Signing the cus... See more

First, does the startup retain tokens or immediately swap them for dollars? By hodling, the business implicitly operates a hedge fund. Keeping tokens means taking a constructive/long view on those tokens and selling vice-versa. How should the company decide which tokens to hold and which to swap? Should the business hire a full-time analyst to mana... See more