Exclusive

Safe Foundation, proposed steward of the Gnosis Safe ecosystem, plans to raise $100 million

Quick Take

  • Safe Foundation is raising $100 million through a private token sale to strategic investors, with $65 million already committed.
  • But the raise will not close unless token holders first vote to spin Gnosis Safe off from Gnosis Ltd.

Safe Foundation, a proposed steward for the Gnosis Safe ecosystem, is plotting a $100 million token sale.

A document obtained by The Block shows that 8% of the total supply of SAFE tokens — a yet-to-be-launched governance token — have been earmarked for a sale to strategic investors. The raise would therefore value the project at $1.25 billion.

Safe Foundation has already secured $65 million worth of commitments from investors including 1kx, Dragonfly Capital, Coinbase Ventures, Blockchain Capital and Zee Prime.

But the sale will not close unless the Gnosis community — specifically, holders of its native token GNO — approve a proposal to spin off Gnosis Safe from Gnosis Ltd, creating a new SAFE token and an entity named SafeDAO to govern it. Gnosis Safe is a popular multi-signature crypto management platform. There are currently more than $107 billion in ether and ERC20 tokens — those native to the Ethereum blockchain — stored on the network.

If the proposal goes ahead, Safe Foundation will be established alongside SafeDAO as a Swiss non-profit. At genesis, one billion SAFE tokens will be minted by the foundation. Its role will be to foster Gnosis Safe’s ecosystem while safeguarding some of the project’s key assets, such as IP, domain names, and GitHub repositories. The spin-off vote is set to be concluded in the coming weeks.

Lukas Schor, project lead of Gnosis Safe, said the tool has “clearly become critical infrastructure for Web3,” powering both DAOs and centralized exchanges.

“With the spin-off and token launch we aim to make Gnosis Safe a full community-run and owned project,” he said, explaining that Safe Foundation will help steward that transition.

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