Coinshift, a web3 treasury management and infra startup has raised $15 million in its Series A funding round from Tiger Global.
Existing investor Sequoia Capital India and new angel investors like Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital, Ryan Hoover, 300, and more investors and operators in crypto and fintech.
The platform plans to use the funds to develop its product and technology. The company will launch its latest version in beta next week, which will be available through the waiting list.
Founded in 2021 by Tarun Gupta, Coinshift is a Web3 treasury management and infrastructure platform that enables Decentralized Autonomous Organizations (DAOS) and crypto businesses to manage cash reserves, general financing and overall risk.
“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 in the market”, said, Tarun Gupta, Founder and CEO, Coinshift.
The Company’s Version 2 product aims to allow users to manage multiple Gnosis Safes for multiple chains under an organization, thereby saving significant time and achieving transparency in Treasury operations.
“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 India.
Since its inception, the company’s services include managing 1000 Vaults, $1.3 billion in assets and $80 million in payments to organizations such as Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and others.
Coinshift also plans to stay lean and expand its 16-man team to 25. In December 2021, Coinshift had raised $2.5 million in seed funding round from Sequoia Capital India, Weekend Fund, and others.
Coinshift (Formerly MultiSafe) is simplifying crypto treasury management on top of Gnosis safe. Seamlessly use battle-tested Gnosis safe Multisig account – 1. Streamline mass payouts, 2. Manage organization teams & people 3. Accounting using CSV exports.