Crypto Treasury Management Firm Coinshift Raises $15M
Crypto treasury management company Coinshift said Tuesday (May 17) that it had raised $15 million in a Series A funding round and was set to launch a new version of its platform.
According to a news release, the round was led by Tiger Global, along with Sequoia Capital India, Ryan Hoover, Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios and Volt Capital, along with other investors in the crypto and FinTech worlds.
The Wyoming-based company launched in June 2021 and said it manages more than 1,000 crypto safes, $1.3 billion in assets and $80 million in payouts for organizations that include Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol and Balancer.
“Today, a new chapter of the Coinshift journey begins,” said Tarun Gupta, the company’s founder and CEO. “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 company said this second version was created in collaboration with leading decentralized autonomous organizations (DAOs), and will let users manage multiple Gnosis Safes for multiple chains under a single organization, allowing for significant time saving and greater transparency in treasury operations.
The Gnosis Safe, according to its creator, is a smart contract wallet that lets users store ether and ERC20 tokens securely while interacting with the decentralized web.
See also: SEC Chair Steps up Crypto Crusade, Sends Message to CFTC
In other crypto news Tuesday (May 17), Securities and Exchange Commission (SEC) Chair Gary Gensler said during the 2022 FINRA annual conference that until the cryptocurrency space is better regulated, his agency will “continue to be a cop on the beat.”
Gensler’s remarks came in the wake of last week’s crypto crash, which saw the price of TerraUSD stablecoin and Luna drop. The losses are extending to other stablecoins and cryptocurrencies this week, with Tether, the largest stablecoin in the world, shedding 9% of market value after briefly losing its peg against the dollar.
“I’m going to use this opportunity to talk not just to the audience in the room but to the investing public. This space, crypto markets, is a highly speculative asset class,” Gensler said.