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Gnosis Safe Rebrands as Safe, Raises $100M
The platform renamed itself Safe following its community vote to separate from Ethereum infrastructure builder Gnosis.
Updated May 11, 2023, 5:36 p.m. Published Jul 12, 2022, 1:00 p.m.
Digital asset management platform Gnosis Safe has raised $100 million from investors including 1kx, Coinbase Ventures, Tiger Global, Lightspeed and Digital Currency Group (CoinDesk's parent company).
- Gnosis Safe rebranded itself as Safe following a community vote to split off from Ethereum infrastructure builder Gnosis.
- Safe's aim is to provide custody for Web3 applications through its platform, which offers management of digital assets, data and identity for retail and institutional investors.
- It employs smart contracts to provide recovery mechanisms and authentications using multiple private keys. This is meant to address the risk of complete loss of assets should a private key be lost, which may be inhibiting Web3 adoption.
- The company has secured digital assets worth $40 billion, having built the infrastructure for the treasuries of decentralized autonomous organization (DAO) 1inch, crypto exchange Bitfinex and e-commerce platform Shopify.
- The funds raised are for the Safe Ecosystem Foundation, the organization that will oversee the ecosystem of applications and wallets using Safe's smart-contract accounts, providing grants and investments as well as tools and infrastructure.
Read more: Fireblocks Deploys ‘Web3 Engine’ for Firms Eyeing GameFi, NFTs
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