Coinshift, a Web3 treasury infrastructure startup, has raised $15 Million. The company intends to expand its platform beyond the Ethereum or Polygon networks.
Coinshift, an Indian cryptocurrency startup, provides tools for treasury management for decentralized autonomous organisations (DAOs), and web3 firms. It has raised $15M in a Series A round to help it expand to new blockchain networks.
Coinshift shared the news exclusively with The Block Tuesday. It said that Tiger Global was the lead investor in the round. Sequoia Capital India and Spartan Group were also involved, as well as Ethereal Ventures and Polygon Studios. Ryan Hoover, who founded Weekend Fund and Product Hunt, Shiva Rajaraman (Vice President of Operations at OpenSea), and Prabhakar Rddy (founder of FalconX) are some of the angel investors.
The equity financing round was for the company’s founder Tarun Gupta, who told The Block that the firm plans to launch its native token and become a DAO. Gupta declined comment to The Block on Coinshift’s valuation and the new board seats.
Coinshift received $2.5 Million in seed funding last September.
Multichain expansion plans
Coinshift is currently a treasury platform for the Ethereum, Polygon and Polygon blockchains. It’s built on Gnosis Safe multisig smart contracts platform and allows for mass payout to crypto contributors.
“Our V1 platform is more concerned with payouts. Gupta said that we are now building a multichain Treasury infrastructure. It will be available on seven chain starting from day one. Gupta said that these blockchains include Ethereum and Polygon, Avalanche and Binance Chains, Gnosis and Optimism, as well as Arbitrum.
Gupta said that Coinshift’s next-generation platform will be launched next week in beta, with selected partners. Gupta declined to identify the partners but stated that they were “some of the most important names in crypto industry.”
Uniswap is currently a client of Coinshift. Since its launch in June 2013, Coinshift claims it has paid out $80 million to its clients.
Coinshift plans to expand its 16-person team to 25 people, according to Gupta. The company is looking to hire across functions, but primarily in engineering.
