Coinshift, a Sheridan, Wyo.-based treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, raised $15m in Series A funding.
The round was led by Tiger Global and joined by 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, 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
The company intends to use the funds for building its treasury management solution.
Led by Founder and Chief Executive Officer Tarun Gupta, Coinshift is a treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, general financing, and overall risk. Coinshift is built on the Gnosis Safe, which allows clients to utilize its core pay-out features to manage payments, engage in collaborative multi-signature transactions, and save up to 90 percent on gas fees. The company extends Gnosis Safe functionality with additional reporting features, on Ethereum and Polygon, allowing users to save time and reduce operational and gas costs.
Coinshift has undergone rapid growth since its launch in June 2021, managing 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.