Wyoming-based Coinshift, a web3 treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, has raised $15 million in a new financing round as it aims to build a novel full-service treasury management solution in the industry.
US-based Tiger Global led the new Series A round. Other investors who joined the round include Sequoia Capital India, Ryan Hoover (Founder of Product Hunt and the Weekend Fund), Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 and more angels and operators in crypto and fintech.
The round also saw participation from individual investors, including Ryan Hoover (Founder of Product Hunt and the Weekend Fund) Sandeep Nailwal — Co-Founder and COO, Polygon Shiva Rajaraman — VP at Opensea Prabhakar Reddy — Founder of FalconX Scott Belsky — CPO Adobe and Founder of Behance Lenny Rachitsky — Previously Product Manager, Airbnb Utsav Somani — Iseed and Head of Angelist India Shaan Puri — Previously Director of Product, Twitch
Coinshift claims that it manages more than 1000 safes, $1.3 billion in assets, and $80 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and many others.
The startup in a statement said its version 2 was built and designed in close collaboration with the industry’s leading Decentralised Autonomous Organisations (DAOs). With this, it aims to allow users to manage multiple Gnosis Safes for multiple chains under one organization, thereby enabling significant time saving and achieving transparency in treasury operations.
Coinshift explained that the major architectural change between Coinshift's version 1 and version 2 is that users can add multiple safes to a single organization across multiple chains, whereas in version 1, one safe address was tied to one organization.
With this, the 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, it said.
"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 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 & CEO of Coinshift.
"With our version 2, 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," Tarun adds.
"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.
"Excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience," said Adam, Partner at Alameda Ventures.