Crypto cash management firm Coinshift said on Tuesday (May 17) that it raised $15 million in a Series A funding round and is set to launch a new version of its platform.
According to a press release, the round was led by Tiger Global, along with Sequoia Capital India, Ryan Hoover, Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hashkey Capital, Quiet Capital, Polygon Studios and Volt Capital, as well than with other investors in the worlds of crypto and FinTech.
The Wyoming-based company launched in June 2021 and said it manages over 1,000 crypto vaults, $1.3 billion in assets and $80 million in payouts for organizations including Consensys, Messari , Biconomy, Uniswap, Perpetual Protocol and Balancer.
“Today a new chapter in the Coinshift journey begins,” said Tarun Gupta, the company’s founder and CEO. “We are unveiling a preview of the second version of our platform, through which we share our vision to build the most sophisticated multi-chain treasury infrastructure for Web3.”
The company said this second version was created in collaboration with leading Decentralized Autonomous Organizations (DAOs) and will allow users to manage multiple Gnosis Vaults for multiple channels under one organization, saving significant time and increasing great transparency in treasury operations.
The Gnosis Safe, according to its creator, is a smart contract wallet that allows users to securely store Ether and ERC20 tokens while interacting with the decentralized web.
See also: SEC Chairman Steps Up Crypto Crusade, Sends Message to CFTC
In other crypto news on Tuesday, May 17, Securities and Exchange Commission (SEC) Chairman Gary Gensler said at the 2022 FINRA Annual Conference that until the crypto space currency is better regulated, his agency “will continue to be a cop on the beat.”
Gensler’s remarks came in the wake of last week’s crypto crash, which saw the price of stablecoin TerraUSD and Luna plummet. The losses extend to other stablecoins and cryptocurrencies this week, with Tether, the world’s largest stablecoin, losing 9% of its market value after briefly losing its peg against the dollar.
“I will take this opportunity to speak not just to the audience in the room, but to the investing audience. This space, the crypto markets, is a highly speculative asset class,” Gensler said.