Sheridan (Wyoming) [US], May 18 (ANI/PRNewswire):The series A funding round is led byCoinshift has undergone rapid growth since its launch in June 2021, managing more than 1000 safes, USD 1.3 billion in assets and USD 80 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.
Coinshift Founder and Chief Executive Officer Tarun Gupta, commented, "Today, a new chapter of the Coinshift journey begins. We are unveiling a glimpse into our platform's second version, through which we share our vision to build the most sophisticated multichain treasury infrastructure for Web3. The fact our investors have returned to participate in a series A funding round is a testimony to the quality of our platform and the timely solution we offer to fill the current needs in the market."Coinshift's version 2 was built and designed in close collaboration with the industry's leading Decentralized Autonomous Organizations (DAOs). Our version 2 will allow users to manage multiple Gnosis Safes for multiple chains under one organization to enable significant time saving and achieve transparency in treasury operations.
The major architectural change between Coinshift version 1 and Coinshift version 2 is that users can add multiple safes to a single organization across multiple chains, whereas in version 1, one safe address was tied to one organization, in Coinshift's feature-rich version 2 architecture, treasury managers and sub-DAO committees will be able to efficiently consolidate all their safes across networks and seamlessly visualize overall treasury balances. In addition, users will have global access to payees, labels, budgets, reporting and advanced access level control between safes.
"With Coinshift's version 1, our team has done an incredible job of building a sophisticated mass payouts platform. With our version 2, we are taking a massive leap forward to enable DAOs of any size, to manage their treasury. But we're just getting started, and we are excited for the opportunity that lies ahead as we work toward building the most sophisticated next-generation cryptocurrency treasury management platform."Tiger Global: "We've been impressed by the pace of product development at Coinshift since we met Tarun and the team. It's clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform," said Alex Cook, Partner, Tiger Global.
"Tarun and the team are building heads down at Coinshift. They have made wonderful progress since Sequoia Capital India participated in their seed funding last year. This round will enable them to build a wider set of offerings for treasury management and Sequoia Capital India is thrilled to deepen the commitment to Coinshift," said Shailesh Lakhani, MD, Sequoia IndiaAlameda Ventures : "Excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience," said Adam, Partner at Alameda Ventures.
Notable individual investors include:Ryan Hoover (Founder of Product Hunt and theSandeep Nailwal -- Co-Founder and COO, PolygonShiva Rajaraman -- VP at OpenseaPrabhakar Reddy -- Founder of FalconXScott Belsky -- CPO Adobe and Founder of BehanceLenny Rachitsky -- Previously Product Manager, AirbnbUtsav Somani -- Iseed and Head of Angelist IndiaShaan Puri -- Previously Director of Product, TwitchCoinshift is built on the Gnosis Safe, which allows clients to utilize its core pay-out features to manage payments, engage in collaborative multi-signature transactions, and save up to 90 per cent on gas fees. We extend Gnosis Safe functionality with additional reporting features, on Ethereum and Polygon, allowing users to save time and reduce operational and gas costs.
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