Coinshift Closes $15 Million Series A funding

Coinshift, a leading treasury platform and infrastructure platform that enables DAOs to manage cash reserves, announced today its $15 millionseries A funding round, and its roadmap for building an innovative full-service solution in the industry’s treasury administration.

Led by Tiger Global and joined by Sequoia Capital India, Ryan Hoover(Founder of Product Hunt, the Weekend Fund, Alameda Ventures. Spartan Group. Ethereal Ventures. Alpha Wave Capital. Hash key Capital. Quiet Capital. Polygon Studios. Volt Capital. 300+ angels and operators in crypto- and fintech.

Coinshift has seen rapid growth since its inception. June 2021More than 1000 safes managed by him. $1.3 BillionIn assets $80 MillionIn payouts for organizations such as Consensys and Messari, Biconomy. Perpetual Protocol, Balancer, and many other.

Coinshift’s Chief Executive Officer and Founder Tarun Gupta, commented, “Today, a new chapter of the Coinshift journey begins. We are unveiling a glimpse into our platform’s second version, through which we share our vision to build the most sophisticated multichain treasury infrastructure for Web3. The fact our investors have returned to participate in a series A funding round is a testimony to the quality of our platform and the timely solution we offer to fill the current needs in the market.”

Coinshift’s version 2 was built and designed in close collaboration with the industry’s leading Decentralized Autonomous Organizations (DAOs). Version 2 will enable users to manage multiple Gnosis safes across multiple chains within one organization. This will make it easier to save time and improve transparency in treasury operations. The major architectural change between Coinshift version 1 and Coinshift version 2 is that users can add multiple safes to a single organization across multiple chains, whereas in version 1, one safe address was tied to one organization, in Coinshift’s feature-rich version 2 architecture, treasury managers and sub-DAO committees will be able to efficiently consolidate all their safes across networks and seamlessly visualize overall treasury balances. Global access will be available to payees, labels and budgets as well advanced access control between safes.

“With Coinshift’s version 1, our team has done an incredible job of building a sophisticated mass payouts platform. Our version 2 is a major leap forward in enabling DAOs, of any size to manage their Treasury. But we’re just getting started, and we are excited for the opportunity that lies ahead as we work toward building the most sophisticated next-generation cryptocurrency treasury management platform.”

Quotes for Investors

Tiger Global: “We’ve been impressed by the pace of product development at Coinshift since we met Tarun and the team. It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” Alex Cook, Partner, Tiger Global.

“Tarun and the team are building heads down at Coinshift. Since Sequoia Capital India contributed to their seed funding last year, they have made amazing progress. This round will enable them to build a wider set of offerings for treasury management and Sequoia Capital India is thrilled to deepen the commitment to Coinshift,” Shailesh LakhaniSequoia India, MD

Alameda Ventures: “Excited to observe Coinshift leading the infrastructures to bring simple, flexible, and efficient DAO/treasury management tool into a wider audience,” said Adam, Partner at Alameda Ventures.

These are some of the most notable individual investors:

  • Ryan Hoover(Founder of Product Hunt & 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
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