The digital asset management platform Gnosis Safe has rebranded to Safe and secured a $100 million fundraising round headed by 1kx. The GNO governance token owners earlier this year decided to spin off Gnosis Safe in order to boost the adoption of smart-contract-based accounts.
Many other top venture capital firms, including Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group, and ParaFi, took part in the strategic fundraising round.
The multi-signature wallet protocol had a community vote to spin-off from the Gnosis Safe project from Gnosis Ltd. and establish a distinct DAO named, SafeDAO which would lead the project and brand the new product “Safe” to identify itself as well as grown to include a native token, SAFE.
Lasse Clausen, founding partner of 1kx, commented on the $100 million fundraising round and rebranding as, “Safe has established itself as the universal asset management primitive. From DAOs to treasury management tools to institutional custody, Safe has achieved an incredible product-market fit throughout all segments of crypto and established itself as the absolute winner.”
With its multiple signatures support, Safe offers a widely used crypto self-custody solution for the Ethereum ecosystem, which is utilised by many larger wallets. Safe uses smart contracts to offer recovery mechanisms and multi-private key authentications.
Lukas Schor, co-founder of Safe said, “For mainstream adoption of Web3 we need to overcome the risks and limitations of private key accounts. The transition toward smart contract accounts will be a joined effort by the entire Web3 community”.
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