Coinshift, an Indian crypto startup that provides treasury management tools for decentralized autonomous organizations (DAOs) and web3 firms, has raised $15 million in a Series A funding round as it plans to expand to new blockchain networks.
Sharing the news exclusively with The Block on Tuesday, Coinshift said Tiger Global led the round, with Sequoia Capital India, Alameda Ventures, Spartan Group, Ethereal Ventures, Polygon Studios and others participating. Angel investors include Ryan Hoover, the founder of Product Hunt and Weekend Fund, Shiva Rajaraman, vice president of operations at OpenSea, and Prabhakar Reddy, founder of FalconX.
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This was an equity funding round, although the firm has plans to launch its own native token and turn itself into a DAO, the firm’s founder and CEO Tarun Gupta told The Block. Gupta declined to comment on Coinshift’s valuation with this round and any new board seats.
Last September, Coinshift raised $2.5 million in seed funding.
Multichain expansion plans
Coinshift currently provides a treasury management platform for the Ethereum and Polygon blockchains. It is built on Gnosis Safe, a multi-sig smart contracts platform, and helps mass payout to crypto contributors.
“Our current V1 platform is more focused on payouts. Now we are building a multichain treasury infrastructure and it will be available on seven chains from day one,” said Gupta. Those blockchains include Ethereum, Polygon, Avalanche, Binance Chain, Gnosis, Optimism and Arbitrum, Gupta added.
Coinshift’s next-generation platform is launching next week in beta with select partners, according to Gupta. He declined to name those partners, but said they are “some of the biggest names in the crypto industry.”
Coinshift’s current clients include Uniswap, ConsenSys, Balancer, Messari, Biconomy and Perpetual Protocol. The firm says it has helped its clients with $80 million in payouts since its launch last June.
In line with its expansion plans, Coinshift also looks to scale its current team of 16 people to around 25, said Gupta. The firm is hiring across functions, mainly in engineering.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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