Treasury management and infrastructure platform Coinshift has raised $15 million led by Tiger Global.
Existing investor Sequoia Capital India also joined the round. Alameda Ventures, Spartan Group, Ethereal Ventures, Alpha Wave Capital, Hash key Capital, Quiet Capital, Polygon Studios, Volt Capital and 300 and more angels and operators in crypto and fintech, participated in the round.
Coinshift is a treasury management and infrastructure platform that enables decentralised autonomous organisations (DAOs) and crypto businesses to manage cash reserves, general financing, and overall risk.
“It’s clear there is a huge need for crypto native treasury management and payments, and we are excited to back Coinshift as they roll out the next iteration of the platform,” said Alex Cook, partner, Tiger Global, in a prepared statement.
The company will utilise the funds to develop its product and technology. The company will launch its latest version in beta next week, which will be available through a waitlist.
Since its launch in June 2021, its services have grown to manage 1000 safes, $1.3 billion in assets and $80 million in payouts for organizations like Consensys, Messari, Biconomy, Uniswap, Perpetual Protocol, Balancer and others.
It also plans to stay lean and expand its 16-member team to 25.
“With Coinshift’s version 1, our team has done an incredible job of building a sophisticated mass payouts platform. With our version 2, we are taking a massive leap forward to enable DAOs of any size, to manage their treasury,” said Tarun Gupta, founder and chief executive officer, Coinshift.