Sheridan, United States, May 17, 2022, Chainwire
Cash Management Company Announces Roadmap to Build Advanced Multi-Chain Treasury Infrastructure for Web3
Coinshift, the leading treasury and infrastructure management platform that enables DAOs and cryptocurrency companies to manage cash reserves, has announced a $15 million Series A funding round and its roadmap to create a new full-service treasury management solution in the industry.
Series A funding round leads Tiger Global , joined by Sequoia Capital India , Ryan Hoover (founder of Product Hunt and Weekend Fund), Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 or more business 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 payouts of $80 million for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer, and many more.
Coinshift founder and CEO Tarun Gupta commented: “Today begins the new head of coinshift travel. We present to your attention the second version of our platform, through which we share our vision of creating the most complex multi-chain treasury infrastructure for Web3. The fact that our investors have returned to participate in the Series A funding round is a testament to the quality of our platform and the timely solution we offer to meet current market needs.”
Version 2 of Coinshift was created and developed in close collaboration with industry-leading decentralized autonomous organizations (DAOs). Version 2 of Coinshift will allow users to manage multiple Gnosis safes for multiple chains within a single organization to provide significant time savings and transparency in Treasury operations. The main architectural change between Coinshift version 1 and Coinshift version 2 is that users can add multiple vaults to a single organization in multiple chains, whereas in version 1, one secure address was tied to a single organization in the coinshift version 2 feature architecture. Treasury managers and DAO subordinate committees will be able to efficiently consolidate all their safes online and easily visualize the overall treasury balance sheets. In addition, users will have global access to payees, labels, budgets,
“With the first version of Coinshift, our team has done an incredible job of creating a sophisticated platform for mass payouts. With our version 2, we’re taking a huge step forward by allowing DAOs of any size to manage their treasury. But we’re just getting started, and we’re excited about the opportunities that are opening up for us as we work to build the most sophisticated cryptocurrency treasury management platform of the next generation.”
Investor Quotes
Tiger Global: “We’ve been impressed with the pace of product development at Coinshift since we met Tarun and his team. Clearly, there is a huge need to manage our own crypto treasury and payments, and we are pleased to support Coinshift as they implement the next iteration of the platform,” said Alex Cook, Partner at Tiger Global.”
Alameda Ventures: “I’m excited to see Coinshift lead the way in infrastructure, offering a wider audience a simple, flexible and effective DAO/Treasury management tool.” Said Adam, a partner at Alameda Ventures.
Notable individual investors include:
- Ryan Hoover (founder of Product Hunt and Weekend Fund )
- Sandeep Neilwal – Co-Founder and CoO of Polygon
- Shiva Rajaraman – Vice President of Opensea
- Prabhakar Reddy – Founder of FalconX
- Scott Belsky – Adobe’s Chief Selling Officer and Founder of Behance
- Lenny Raczycki – former Product Manager, Airbnb
- Utsav Somani – Founder of Iseed and Head of Angelist India
- Shaan Puri is formerly Twitch’s Chief Product Officer
About Coinshift
Coinshift is the leading management platformTreasury and infrastructure that allows DAOs and cryptocurrency companies to manage cash reserves, shared financing, and shared risks. Coinshift provides a single and easy-to-use solution that simplifies and efficiently manages treasury operations. Coinshift is built on Gnosis Safe, allowing customers to use its core payout features to manage payments, participate in joint transactions with multiple signatures, and save up to 90 percent on gas charges. We extend the functionality of Gnosis Safe with additional reporting features on Ethereum and Polygon, which allows users to save time and reduce operating and gas costs.
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