The 4 pillars of great treasury management in Web3 - Fireblocks (2024)

Running and scaling treasury management operations is vital to ensuring that your team and users can get the most out of your Web3 product.

Fireblocks has helped teams secure and streamline their digital assets operations for 4 years, and here are our top 4 suggestions to help take your treasury management operations from good to great.

1. Consolidate treasury operations with policy and access controls

Web3 companies commonly have to manage multiple internal wallets, including wallets used to manage royalties, treasury, and development, to name a few. Each of these are vitally important to running the day-to-day operations of a company. However, siloed control of and access to those wallets is not efficient and will present challenges from an audit, reconciliation, and transparency perspective.

Treasury operations should be consolidated, with finance personnel having direct oversight and control of these wallets to monitor and approve fund flows and transactions, as well as provide auditable transaction logs. To enable this, digital asset transaction policiescan be utilized to govern access and usage by various teams across the company.

2. Scale your treasury ops team through automation

Introducing automation into your treasury ops workflows will help scale your team, make it more efficient, and reduce errors resulting from manual work. The 2 main areas to start with are automating transaction policy approvals and whitelisting deposit addresses.

Automating transaction approval processes allows your treasury ops team to be more agile, especially when there are multiple parties that need to engage with a specific part of the business, such as dev teams engaging with treasury wallets for NFT creation.

Whitelisting deposit addresses removes the time-consuming and error-prone process of manually checking that you’re sending digital assets to the intended address. The most efficient way to do this is to create policies that govern the whitelisting of wallet addresses, further reducing the need for manual tasks, minimizing the potential for human error, and introducing more efficient automation.

3. Quickly convert crypto to fiat to minimize exposure and pay

Most Web3 companies do not want to deal with crypto as a treasury asset, but avoiding crypto altogether can be difficult . Crypto is a common medium of exchange for customers paying for a Web3 product or service. Treasury ops teams will need an enterprise-grade solution that can secure connectivity to fiat off-ramps. Ideally, you would want to set policies to automate conversion through APIs or with a few clicks of a button.

4. Quickly convert fiat to crypto to pay vendors or royalties

Web3 companies need an easy way to efficiently convert fiat to crypto to pay vendors or gas fees, but also vice versa to ensure crypto is moved off the balance sheet quickly. Automation and streamlining operational workflows can play crucial roles here, such as whitelisting deposit addresses.This requires having secure connectivity to fiat on ramps and API functionality that can automate and orchestrate payment flows.

Fireblocks crypto treasury management

Fireblocks provides a powerful treasury management solution for Web3 institutions. With Fireblocks’ self-custody wallet technology and secure transfer network, organizations can take control of their digital assets throughout the entire lifecycle. If you’re interested in learning more about how Fireblocks can help your team improve treasury management, request access here.