The cash-management company has announced a roadmap to build cutting-edge multichain treasury infrastructure for Web3.
Sheridan, United States, May 16, 2022 — Coinshift, a leading treasury management and infrastructure platform that helps decentralized autonomous organizations (DAOs) and crypto businesses manage cash reserves, has announced its $15-million Series A funding round and roadmap for building a novel full-service treasury management solution in the industry.
The Series A funding round is led by Tiger Global and joined by Sequoia Capital India, Weekend Fund and Product Hunt founder Ryan Hoover, Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Global, HashKey Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 additional angels and operators in crypto and fintech.
Coinshift has undergone rapid growth since its launch in June 2021, managing more than 1,000 safes, $1.3 billion in assets and $80 million in payouts for organizations such as ConsenSys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.
Tarun Gupta, founder and CEO of Coinshift, said, “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 that 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 of the market.”
Coinshift’s version 2.0 was built and designed in close collaboration with the industry’s leading DAOs. It will allow users to manage multiple Gnosis Safes for multiple chains under one organization to save significant time and ensure transparency in treasury operations. The major architectural change between Coinshift versions 1.0 and 2.0 is that users can add multiple safes to a single organization on multiple chains, whereas in version 1.0, one safe address was tied to one organization. In Coinshift’s feature-rich version 2.0 architecture, treasury managers and sub-DAO committees can efficiently consolidate all safes on-network and seamlessly visualize overall treasury balances. Users also have global access to payees, labels, budgets, reporting and advanced access level control between safes.
“With Coinshift version 1.0, our team has done an incredible job of building a sophisticated mass payouts platform. With our version 2.0, we are taking a massive leap forward to enable DAOs of any size and manage their treasuries. 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,” said Gupta.
Investor quotes
“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 at Tiger Global.
“[We are] excited to observe Coinshift leading the infrastructure to bring simple, flexible and efficient DAO-treasury management tools into a wider audience,” said Adam, partner at Alameda Ventures.
Notable individual investors include:
- Ryan Hoover, founder of Product Hunt and Weekend Fund
- Sandeep Nailwal, co-founder and chief operating officer of Polygon
- Shiva Rajaraman, vice president of OpenSea
- Prabhakar Reddy, founder of FalconX
- Scott Belsky, founder of Behance and chief product officer of Adobe
- Lenny Rachitsky, former product manager of Airbnb
- Utsav Somani, founder at iSeed Ventures and head of AngelList India
- Shaan Puri, former product director of Twitch.
About Coinshift
Coinshift is the leading treasury management and infrastructure platform that helps DAOs and crypto businesses manage cash reserves, general financing and overall risk. The platform provides a single, easy-to-use solution that facilitates and manages treasury operations in an efficient manner. Coinshift is built on Gnosis Safe, allowing clients to utilize its core payout features to manage payments, engage in collaborative multi-signature transactions and save up to 90% on gas fees. Gnosis Safe functionality is extended with additional reporting features on Ether (ETH) and Polygon (MATIC), allowing users to save time and reduce operational and gas costs.
Contact
Tarun Gupta, CEO of Coinshift — tarun@multisafe.finance