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Gnosis Safe Rebrands as Safe, Raises $100M

Finance

www.coindesk.com 12 July 2022 10:00, UTC
  
Reading time: ~2 m

Digital asset management platform Gnosis Safe has raised $100 million from investors including 1kx, Coinbase Ventures, Tiger Global, Lightspeed and Digital Currency Group, CoinDesk's parent company.

Gnosis Safe rebranded itself as Safe following a community vote to split off from Ethereum infrastructure builder Gnosis.

Safe's aim is to provide custody for Web3 applications through its platform, which offers management of digital assets, data and identity for retail and institutional investors.

It uses smart contracts to provide recovery mechanisms and authentications using multiple private keys. This is meant to address the risk of complete loss of assets should a private key be lost, which may be inhibiting Web3 adoption.

The company has secured digital assets worth $40 billion, having built the infrastructure for the treasuries of decentralized autonomous organization (DAO) 1inch, crypto exchange Bitfinex and e-commerce platform Shopify.

The funds raised are for the Safe Ecosystem Foundation, the organization that will oversee the ecosystem of applications and wallets using Safe's smart contract accounts, providing grants, investments as well as tools and infrastructure.

Read more: Fireblocks Deploys ‘Web3 Engine’ for Firms Eyeing GameFi, NFTs


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