Crypto treasury management platform MultiSafe has rebranded to Coinshift and announced it has raised $2.5 million in a seed funding round.
Investors included Sequoia Capital India, Weekend Fund (founded by Product Hunt founder Ryan Hoover), ConsenSys Mesh, DeFi Alliance, Ethereal Ventures, Fintech Collective, and Gnosis, among others. There was no lead investor in the round.
Angel investors, including Fernando Martinelli (co-founder and CEO of Balancer Labs), Sandeep Nailwal (co-founder and COO of Polygon), Ajit Tripathi (head of institutional business at Aave), and Larry Sukernik (formerly of Digital Currency Group), also backed the round.
This was an equity funding round and Coinshift's first fundraise, founder and CEO Tarun Gupta told The Block. With fresh capital at hand, Coinshift, which is based in India, plans to expand its platform and team. There are currently six people working for Coinshift and it plans to hire around five more people, said Gupta.
As for expanding the platform, Gupta said the work is in progress to release more features for the crypto treasury management solution, including cash management and asset allocation to earn yield. "We are building a treasury management platform for very large treasuries," he said. Coinshift's current customers include ConsenSys, Balancer, and Uniswap. These projects currently manage grants and other payouts through Coinshift's platform.
Gupta was previously a co-founder of Parcel, a similar startup to Coinshift. When asked how Coinshift is different from Parcel, Gupta said Parcel only caters to decentralized autonomous organizations (DAOs), but Coinshift caters to all crypto companies. Parcel also raised $2.5 million in seed funding earlier this month.
Over the long term, like Parcel, Coinshift plans to decentralize its treasury infrastructure and become a DAO itself, said Gupta.