Gitcoin Engineers a Path to Efficient Finances With Rho
How we’re helping an open-source development platform spend more time on business—and less time on finances
Gitcoin needed tech-forward, fast-moving banking and corporate cards that could keep up with their growing community and support their needs in the blockchain space.
With Rho’s integrated platform, Gitcoin enjoys fully automated finance solutions with instant service—freeing their team up to focus on their customers and their product.
Gitcoin provides a platform for open-source software builders to contribute to meaningful projects and get paid for their work through bounties. As a growing community, Gitcoin also helps users connect and collaborate, participate in hackathons sponsored by leading Web 3 organizations, and support blockchain initiatives that are paving the way to an open internet.
Gitcoin got its start through the ConsenSys Mesh incubator back in 2017. After a few years, it was time to leave the nest and stand on their own as an organization. A key part of that process was finding a banking service that would work with companies in the Blockchain space and support them as they scaled. Gitcoin COO Kyle Weiss recalls how, at first, they partnered with a traditional bank that couldn’t keep pace with their vision.
“We were looking for a modern, digital experience,” he said. “That meant not having to collect paper signatures and fax documents back and forth to set up our accounts.”
That’s when ConsenSys suggested they look into Rho. Gitcoin soon found that Rho’s operating speed was night and day compared to the competition—and a perfect match for their ambitions.
For Weiss, Rho’s competence was apparent right off the bat. “The onboarding and approval process was much smoother with Rho,” and to Gitcoin’s delight, that translated into a more efficient banking experience across the board—freeing up their team to focus on customers and building the best possible product.
“Ultimately, your banking software is not where you want to spend your time,” said Weiss. “With Rho, it’s easy to jump in, issue cards, and share them with your team. We can go in and download a whole month’s financials and integrate them with Quickbooks in a matter of minutes.”
It’s not just about the speed, but how Rho’s user-friendly products instill a sense of confidence among the Gitcoin team.
Weiss especially appreciates how many independent tools work together on Rho’s platform.
“We can manage our cards through Rho. We can do our AP through Rho. These functions are critical for a budding organization, and Rho saves us from having to seek out additional resources.”
But Rho’s collaborative approach extends beyond the product line. Its streamlined banking model and flexible permissions mean companies can also safely tackle their finances as a team.
“Our goal is to empower our team to make the purchases they need,” said Weiss. “With Rho, they’re not filling out applications, chasing down approvals, and waiting for a physical card to arrive. We can issue as many cards as we want, and they’re instantly accessible.”
Of course, speed and accessibility don’t have to come at the cost of security. “Rho has terrific safeguards in place,” said Weiss. “If our accounting manager tries to move millions from our Treasury account into our checking account, for instance, I’ll need to approve it.”
For added comfort, Rho Treasury Management clients are also eligible for up to $75 million in FDIC insurance. And if any questions ever arise about a product or service, Weiss knows he can count on Rho’s expert customer team to help him through.
“Rho always responds in chat with quick support,” he said. “I don’t just get an email that says, ‘We’ll get back to you in 24 to 48 hours.’ They help us move at the pace we need.”
As Gitcoin expands, they’re allowing their community to drive and direct many of their next moves. With an open road ahead, they’re happy to have a solid, committed partner in Rho.
“Knowing we operate in blockchain, it’s important to have a partner that’s invested in our financial wellbeing,” said Weiss. “Rho understands that delivering value isn’t about the marble flooring of some bank. It’s about making your product usable and being responsive as a provider.”
Moving forward, Weiss is eager to see what the future of their relationship brings. “The next step is learning how banking can complement what’s happening now in the blockchain space. We’re excited to grow with Rho and to follow the spirit of where this world is heading.”
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