Software is becoming more collaborative as it moves to the cloud (e.g., Figma, Google G Suite). Financial services are also collaborative: starting a small venture, throwing an event, group savings, group investing.
Group bank accounts (GBA) are typically used for two reasons: (1) forcing function for people to save their money with accountability from the group, and (2) informal lending instrument to draw from the pot with an interest rate and (again) accountability to pay back from the group.
DeFi is reimagining traditional financial products as open and built on blockchain. However, people can't have shared bank accounts on blockchain.
Moreover, traditional joint bank accounts are difficult to set up, painful to maintain, and don’t accommodate short-term, non-partner or non-family use-cases.
Want more than two people on your joint account? Only a handful of banks allow that, and a lot won’t let you sign up for one online.
Create a DeFi group bank account (GBA) on Ethereum with the following high-level features: