Abstract
This proposal would onboard MoonDAO to Towerbank, a traditional crypto-friendly bank based in Panama, via our MoonDAO DAO LLC legal entity based in the Marshall Islands. Towerbank provides “rails” to on or off-ramp between crypto and fiat.
Problem
MoonDAO has been unable to send or receive fiat which limits our ability to interact with traditional companies or organizations. For example, we have outstanding reimbursements that should be returned to the treasury, but no easy way to do so. Our previous efforts to facilitate this via Skyline Digital have so far proved to be unsuccessful, as their USD on-ramps were disabled or unavailable soon after our initial account creation and test transaction..
Solution
MoonDAO DAO LLC will open an account with Towerbank upon Snapshot approval. This proposal would utilize a 2/3 multi-sig consisting of Pablo, Ryan, and Mitchie as the initial cohort, in their role as part of the executive branch (with Pablo and Ryan serving as elected officers). Upon future astronaut elections, non astronauts will be replaced. Per bank regulations, these members will have to perform KYC verification according to the local laws, including video, address, and passport verification. Any future elected astronauts must perform this KYC process. Any entity or individual that holds more than 10% of MOONEY tokens must also perform KYC – although no one currently holds that amount.
Towerbank will allow MoonDAO to receive fiat payments via international wire transfer that will be converted to crypto currency with a 2% + $35 swift transaction fee, likewise we can send payments from crypto to fiat via the same rails for the same fee. No funds will be held in this multi-sig account, it merely serves as a bridge between the traditional world and web3.
Eventually, our three elected astronaut(s) will be the ones serving on the multi-sig that is part of the Towerbank account. Currently, Pablo and Ryan serve in that capacity, and Mitchie as head of operations will fill the third seat, and any transaction from this whitelisted wallet must be approved by two people. The Towerbank multi-sig wallet with these three members has been created at 0xD20CFF3480a23E001FC20E0CfbF16759Bc903E1D and will be whitelisted for secure access to Towerbank’s services to authorize and approve the transaction between Towerbank and the MoonDAO treasury.
As always, any outgoing transactions from the MoonDAO treasury must be approved by voters per the constitution.
View access can be granted to appointed members of MoonDAO’s treasury with no ability to execute or initiate transactions, but for oversight and transparency, upon request (requiring KYC with Towerbank).
Summaries of incoming and outgoing transactions will also be included in Executive Branch reports to ensure DAO-wide transparency.
Should Skyline Digital resume services, it will be great to have two potential avenues for incoming/outgoing tradfi payments, but having only one has severely hindered us over the past few months when the service is unavailable, so redundancy is needed. Conversations and proceedings with Towerbank have already been initiated, but will only finalize with the approval of DAO voters.
Benefits
The ability to send and receive payments to/from traditional organizations with traditional financial institutions.
Risks
There could be unknown regulatory risks due to crypto interactions, we are also trusting in a third-party to execute these transactions on our behalf.
Objectives
Objective #1: Create account with Towerbank, receive first fiat reimbursement to MoonDAO by wire Key Results for Objective #1:
- Account creation and whitelist with new wallet multi-sig, first incoming transaction
Member(s) responsible for OKR and their role:
- All do KYC
- Pablo/Ryan in conversations for account setup