May 17, 2022 – Sheridan, United States
Cash management company announces roadmap to build cutting-edge multi-chain treasury infrastructure for Web 3.0.
Coinshift, leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, announced its $15 million Series A funding round and its 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, founder of Product Hunt and the Weekend Fund Ryan Hoover, Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash Key Capital, Quiet Capital, Polygon Studios, Volt Capital and over 300 more 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 like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.
Tarun Gupta, founder and chief executive officer 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 multi-chain treasury infrastructure for Web 3.0. 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 in the market.”
Coinshift’s version two was built and designed in close collaboration with the industry’s leading decentralized autonomous organizations (DAOs). Coinshift’s version two will allow users to manage multiple Gnosis Safes for multiple chains under one organization to enable significant time-saving and transparency in treasury operations.
The major architectural change between Coinshift version one and Coinshift version two is that users can add multiple safes to a single organization across multiple chains. Whereas in version one, one safe address was tied to one organization in Coinshift’s feature-rich version two 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.
Gupta added,
“With Coinshift’s version one, our team has done an incredible job of building a sophisticated mass payouts platform. With our version two, 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.”
Investor Quotes
Alex Cook, partner at Tiger Global, said,
“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.”
Adam, partner at Alameda Ventures, said,
“Excited to observe Coinshift leading the infrastructures to bring [a] simple, flexible and efficient DAO/treasury management tool into a wider audience.”
Notable individual investors include the following.
- Ryan Hoover, founder of Product Hunt and the Weekend Fund
- Sandeep Nailwal, co-founder and COO of Polygon
- Shiva Rajaraman, vice president of Opensea
- Prabhakar Reddy, founder of FalconX
- Scott Belsky, CPO of Adobe and founder of Behance
- Lenny Rachitsky, previously product manager of Airbnb
- Utsav Somani, founder at Iseed and head of Angelist India
- Shaan Puri, previously director of product at Twitch
About Coinshift
Coinshift is a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, general financing and overall risk. Coinshift provides a single and easy-to-use solution that facilitates and manages treasury operations in an efficient manner.
Coinshift is built on the Gnosis Safe, allowing clients to utilize its core payout features to manage payments, engage in collaborative multi-signature transactions and save up to 90 percent 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.
Contact
Tarun Gupta, CEO of Coinshift
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
Follow Us on Twitter Facebook Telegram
The post Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures appeared first on The Daily Hodl.
