Coinshift, an Indian cryptocurrency startup that provides treasury management tools to decentralised autonomous organisations (DAOs) and web3 companies, has acquired $15 million in a Series A fundraising round to expand to other blockchain networks.
Coinshift told The Block exclusively on Tuesday that Tiger Global led the investment, which included Sequoia Capital India, Alameda Ventures, Spartan Group, Ethereal Ventures, Polygon Studios, and others. Ryan Hoover, the founder of Product Hunt and Weekend Fund, Shiva Rajaraman, vice president of operations at OpenSea, and Prabhakar Reddy, the founder of FalconX, are among the angel investors.
Although the firm wants to introduce its own native coin and turn itself into a DAO, the firm’s founder and CEO, Tarun Gupta, informed The Block that this was an equity funding round. Gupta will not comment on Coinshift’s current valuation or any new board members. Coinshift received $2.5 million in seed funding in September.
For the Ethereum and Polygon blockchains, Coinshift now offers a treasury management tool. It’s based on Gnosis Safe, a multi-sig smart contract platform that facilitates large-scale payouts to crypto donors.
Coinshift’s next-generation platform will go into beta next week with a few select partners. He wouldn’t say who his partners are, but he did say they’re “some of the greatest names in the crypto world.”
Uniswap, ConsenSys, Balancer, Messari, Biconomy, and Perpetual Protocol are among Coinshift’s current clients. Since its start in June, the firm claims to have assisted its clients with $80 million in compensation.
As part of its expansion goals, Coinshift intends to grow its current staff of 16 workers to roughly 25 people. The company is hiring across the board, but especially in engineering.
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