Safe (previously known as Gnosis Safe), a blockchain asset management platform, today announced it has raised $100 million led by 1kx. Initially developed as an internal tool, Gnosis Safe has organically become a critical infrastructure for web3 as a means to securely manage digital assets.
This funding round is a milestone for the growth of Safe as a programmable ownership platform, enabling secure management of digital assets, data, and identity across DAOs, plus retail and institutional users.
Today’s new funding and strategic alliances will enable Safe to grow an ecosystem of apps and tools on top of its smart contract account protocol. All funding is extended to the Safe Ecosystem Foundation, a non-profit organization protecting strategic assets and contributing to the further development of Safe.
The round is also joined by Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group, Greenfield One, Rockaway Blockchain Fund, ParaFi, Lightspeed, Polymorphic Capital, Superscrypt, and 50 other strategic partners and industry experts.
Unlocking ownership for everyone in web3
Gaining wide adoption for its self-custody solution, Safe has been used to process over 600,000 transactions and secure digital assets exceeding $40 billion. Additionally, many highly valued NFTs, including 13% of all Cryptopunks, are currently secured using Safe.
Safe has built infrastructure that serves some of the biggest DAO treasuries (1inch, BitDAO), crypto institutions (Bitfinex, GSR), and enterprises (Shopify, AB group). Also, individuals such as Vitalik Buterin and Punk6529 (participating as an angel) use Safe to secure their most valuable personal digital assets.
Making web3 accounts smart
Traditional web3 accounts are controlled by a single private key, emanated from a 24-word secret phrase. As long as a user owns this private key, they control the account. However, these private keys can get lost or compromised, resulting in the total loss of the assets associated with the account.
Safe, on the other hand, uses smart contracts accounts that can be individually configured to suit the custody needs of different user groups:
- Authentications using multiple private keys (multisig) or community-control (DAOs)
- Recovery and inheritance mechanisms
- Improved transaction experience (transaction batching, gas abstraction)
- Transaction checks and hybrid-custody
- Spending limits and automation
“For mainstream adoption of web3 we need to overcome the risks and…
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