Sequoia-backed crypto treasury management platform Multis acquired by Safe

Crypto wallet infrastructure provider Safe acquired Sequoia-backed crypto treasury management platform Multis. 

The acquisition brings Multis’s technology and its senior leadership team into the Safe Ecosystem Foundation. Former Multis CEO Thibaut Sahaghian is becoming a core contributor within the Safe ecosystem, as Network Abstraction Lead.

“The demand for Safe’s services is skyrocketing, particularly from emerging [Layer 2] ecosystems seeking robust infrastructure support to help users manage their digital assets. As we expand, simplifying the cross-network experience becomes crucial,” said Richard Meissner, co-founder of Safe.

Multis aims to help projects — including companies and DAOs — manage their treasuries by providing a single dashboard for making payments and dealing with accounting. It claims that more than 100 projects are using its platform, including Axie Infinity, Audius and Connext.

Safe, originally called Gnosis Safe, is a platform for creating multisig crypto wallets, where multiple parties are required to authorize transactions. Its wallets are used to look after around $96 billion of value, data shows.

The acquisition will help Safe focus on encouraging interaction across blockchains, with an end goal of letting crypto users manage their assets across multiple blockchains more easily.