Coinshift, a top treasury management platform, also announced that the funds would be used to develop and provide a complete treasury management solution service for crypto-related firms. Crypto firms, including DAOs, use Coinshift tools to manage their cash reserves.
Over 300 venture capitalists participated in this funding round. Among them are Tiger Global, Sequoia Capital India, Ryan Hoover, Polygon Studios, Alpha Wave Capital, and Alameda ventures.
Despite being launched last June, Coinshift’s growth has been rapid. It currently manages over 1,000 safes and $1.3B worth of assets. It has also paid out over $80M to crypto-related firms using its services. Its famous customers include Consenys, Balancer, Biconomy, Messari, and Uniswap. After integrating feedback from the top DAOs, the Coinshift team overhauled the previous version of the platform.
Features Of Coinshift Version 2
The new version (called Coinshift version 2) will enable users to control several gnosis safes with multiple chains under one dashboard.
Hence, their treasury operations become more straightforward, and they save time. The significant difference between the two Coinshift versions is that the newer version allows one organization to operate several safes with multiple chains. In contrast, the previous version was only built for one safe address per organization.
Another important feature added to the Coinshift V2 is that sub-DAO members and treasury managers can aggregate all their safes over multiple networks and have a simple overview of the total treasury balance.
Furthermore, users can access other features such as budgets, reporting, labels, and top-notch and highly secure control between safes.
While Coinshift V1 was a simple platform for making mass payouts, Coinshift V2 makes it possible for any DAO (regardless of their size) to have complete control over their treasury.
However, the Coinshift team revealed that it is already working on developing a newer version of its V2, saying, “we will keep developing this platform until we create the best next-gen crypto treasury management platform.”
VCs Express Excitement At Participating In The Funding Round
While commenting on the fundraising and Coinshift platform, Tiger Global co-founder, Alex Cook, said, “Tarun and the Coinshift team have impressed us with their product development. Managing treasuries and paying crypto firms is a huge service need. Hence, we are happy to be part of their progress.”
Also, Sequoia India CEO, Shailesh Lakhani, added, “Tarun and his team have impressed us with their focus on developing a world-class treasury management platform for crypto firms. We are excited to invest in this round the same way we were excited to have participated in their seed launch in 2021.
We would continue to support them financially as long as they develop and offer treasury management tools that suit the market’s needs.”
A spokesperson for one of the VCs who participated in this funding round, Alameda Ventures, said, “We participated in this funding round because we are convinced of Coinshift’s ability to provide simple and effective tools for crypto firms to manage their DAO’s treasury.”