TL;DR: Copra moved from spending hours managing multisig transactions to automating its processes with Loop’s crypto payment scheduling.
Copra is an on-chain debt market for protocols, issuing the equivalent of ‘corporate bonds’ for on-chain entities. The first use case of Copra is to help DeFi protocols raise protocol-managed liquidity that they can use to promote the growth of their ecosystems.
Brian Limiardi and Dimitri Sastropranoto founded Copra in 2022. Their mission was to unlock credit opportunities for those with on-chain identities who find it difficult to access credit in traditional financial markets. The first use case of their platform is focused on serving protocols (the borrowers) looking to grow their total value locked (TVL) and spur activity within the protocol. For lenders, typically whales and institutions, Copra offers an opportunity to generate fixed income by putting their on-chain liquidity to use.
As an early-stage startup with part of the team in Indonesia, Copra is a global business working with individuals and teams all over the world. They see tremendous potential for on-chain financial services to serve populations in emerging markets who have historically been excluded from the financial sector. One challenge the Copra team has come across though is paying their global team members and vendors on a monthly basis.
Copra operates almost 100% on-chain. They maintain a treasury with Gnosis Safe where they manage their funds. They generate revenue on-chain, and therefore, need to manage all of their payments from their Safe. While the Safe multisig provides enhanced security for their funds, it leads to significant operational hassle and lost time when it comes to monthly expenses. For example, each time Copra needs to pay a contractor, they have to create the transaction in the Safe and then chase down each signer on the multisig. They then go through this whole process again for the next expense payment. This requires several hours every month; time that the team could be spending on building their product and acquiring new customers.
The Copra team turned to Loop for its payment automation and ability to schedule recurring crypto payments. Loop has helped the Copra team fully automate a process that took hours every month. With Loop, Copra can schedule all of their recurring crypto payments to contractors and vendors months in advance.
For example, if they have a contractor who is paid $1,000 a month, they simply enter that individual’s receiving wallet details and then schedule a recurring payment for 6, 12, or however many months they need. Transactions can also be batched, so they can pay multiple contractors at once in the same batch payment each month. If they ever need to make a change or adjust the payment amount, Loop allows you to edit scheduled transactions up until their process date.
Loop works by allowing teams to set spend authorizations for a given wallet. In practice, the Copra team funds an expense management wallet from their treasury, sets a spend authorization, and then schedules payments via Loop. The Copra team always remains in control of their funds while removing the operational burden of the multisig signer problem.
In addition to the operational improvements, Loop also offers more visibility and auditability of payments. Being able to view transaction history (including the transaction hash) with notes and tagging functionality within the Loop Company Dashboard is a major upgrade for Copra. When it comes time to generate financial statements and close their books, they can easily track their crypto payment history rather than digging through transaction hashes with no contextual details about what the payment was for or who the end receiver was.
Copra has been using Loop since July 2023. Over this period, they’ve saved over 10 hours of work while processing payments with Loop Crypto. As the Copra team continues to grow, they are confident Loop will support their ability to scale a global team.
If you’re interested in learning more about Copra, you can check out their website or read more about their on-chain corporate bond product in their documentation.
If you’re also facing the challenge of creating, signing, and tracking transactions month after month, let’s talk. Efficient companies choose Loop to save time and simplify their payment processes. We’ll have you onboarded in minutes.
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About Loop
Loop Crypto makes it simple to collect and pay in crypto by allowing companies to turn on autopay and schedule payments. Built by web3 veterans, Loop unlocks payment automation to reduce customer churn and eliminate time-consuming payment collection and follow-up. By connecting on-chain and off-chain data, Loop streamlines invoice reconciliation, accounting, and fits seamlessly into your financial stack.
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