Coinshift, an Indian cryptocurrency business that offers treasury management solutions to decentralized autonomous organizations (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, including Sequoia Capital India, Alameda Ventures, Spartan Group, Ethereal Ventures, Polygon Studios, and others. Ryan Hoover, the creator 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 business wants to introduce its native coin and transform itself into a DAO, its founder and CEO Tarun Gupta informed The Block that this was an equity fundraising round. Gupta will not comment on Coinshift’s current value or any additional board members.
Coinshift received $2.5 million in initial investment 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 cryptocurrency contributors.
Coinshift’s current V1 platform places a greater emphasis on rewards. They’re now constructing a multichain treasury architecture, which will be accessible on seven chains from the start. Ethereum, Polygon, Avalanche, Binance Chain, Gnosis, Optimism, and Arbitrum are among the blockchains mentioned by Gupta.
As per Gupta, Coinshift’s next-generation platform will go into beta next week with a few chosen 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 customers. Since its start in June, the business claims to have assisted its customers with $80 million in compensation.
Coinshift intends to grow its current staff of 16 individuals to roughly 25, according to Gupta, as part of its development ambitions. As a result, the company is recruiting across the board, especially in engineering.