Multisig Wallet Gnosis Safe Raises $100M, Rebrands to Safe

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Multisig Wallet Gnosis Safe Raises $100M, Rebrands to Safe

The most popular smart contract-based multi-signature wallet, Gnosis Safe, has raised $100 million “to foster a vibrant ecosystem of applications” built on top of its smart contract accounts.

Key Takeaways

  • Gnosis Safe has raised $100 million in a funding round led by the venture capital firm 1kx.
  • Following the community’s decision to spin off from Gnosis Ltd. in February, the project also revealed today that it has rebranded to Safe.
  • The project plans to use the new funding to secure its growth and expand the offering of projects and products that leverage its smart contract accounts.

The popular non-custodial digital asset management platform has also rebranded to Safe.

Gnosis Safe Closes $100 Million Funding Round

Gnosis Safe has closed a $100 million funding round and rebranded to Safe.

In a Tuesday press release, 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 funding round was led by 1kx, with participation from a host 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 off the Gnosis Safe project from Gnosis Ltd. and establish a separate decentralized autonomous organization, dubbed SafeDAO, to spearhead the project more directly. To further differentiate the product, the fully customizable smart contract wallet has rebranded to “Safe.” 

Commenting on the $100 million funding round and rebranding, 1kx founding partner Lasse Clausen said:

“Safe has established itself as the universal asset management primitive. From DAOs to treasury management tools to institutional custody, Safe has achieved an incredible product-market fit throughout all segments of crypto and established itself as the absolute winner. At 1kx, we have been long 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 multi-signature wallet that secures over $39.5 billion in user funds. It is typically used by DAOs, enterprises, and retail and institutional users who wish to manage their crypto assets in a secure and non-custodial manner. Per the press release, Safe plans to use the new funding to “foster a vibrant ecosystem of applications and wallets leveraging Safe smart contract accounts.” It plans to do this through grants, ecosystem investments, and building developer tools and infrastructure. 

“For mainstream adoption of Web3 we need to 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 toward smart contract accounts will be a joined effort by the entire Web3 community,” he added.

Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.

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