Multisig Wallet Gnosis Safe raises $ 100 million, changes to Safe
Important takeaways
- Gnosis Safe has raised $ 100 million in a financing round led by venture capital firm 1kx.
- Following the community’s decision to stand out from Gnosis Ltd. in February, the project also revealed today that it has changed its name to Safe.
- The project plans to use the new financing to secure growth and expand the range of projects and products that utilize its smart contract accounts.
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The popular non-custodian digital asset management platform has also changed its name to Safe.
Gnosis Safe completes $ 100 million in funding round
Gnosis Safe has completed a $ 100 million financing round and changed to Safe.
In a press release on Tuesday, the smart contract-based crypto-asset management platform announced that it had raised $ 100 million to secure growth and expand its product offering. The strategic financing round was led by 1kx, with the participation of a number of other leading venture capital firms, including Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group and ParaFi.
In February, the Gnosis community voted to spin the Gnosis Safe project from Gnosis Ltd. and establish a separate decentralized autonomous organization, called SafeDAO, to lead the project more directly. To further differentiate the product, the fully customizable smart contract wallet has been renamed “Safe”.
In a comment on the $ 100 million funding round and rebranding, 1kx founder, Lasse Clausen said:
«Safe has established itself as the universal asset management primitive. From DAOs to treasury management tools to institutional repositories, Safe has achieved an incredible product market adaptation through all segments of crypto and established itself as the absolute winner. At 1kx, we have long been users of Safe and believe that developers and users are only beginning to understand the power of composable asset management. “
Safe is a smart contract-based wallet with several signatures that secures over $ 39.5 billion in user funds. It is commonly used by DAOs, companies and retail and institutional users who want to manage their cryptocurrencies in a secure and non-secure way. According to the press release, Safe plans to use the new funding to “promote a vibrant ecosystem of applications and wallets that utilize secure smart contract accounts.” It plans to do this through grants, ecosystem investments and the construction of developer tools and infrastructure.
“For mainstream adoption of Web3, we must overcome the risks and limitations of private key accounts,” commented the project’s co-founder, Lukas Schor, adding that Safe provides a critical public good for the industry. “The transition to smart contract accounts will be a joint effort of the entire Web3 community,” he added.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.
