Digital asset management platform Safe raises $100m

Digital asset management platform Safe, formerly Gnosis Safe, has raised $100 million in a funding round led by 1kx, an early-stage fund.

Safe raises $100m

Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group, Greenfield One, Rockaway Blockchain Fund, ParaFi, Lightspeed, Polymorphic Capital, Superscrypt and 50 other strategic partners and industry experts all participated in the round.

Safe says the funding has been raised for the Safe Ecosystem Foundation, “a non-profit organisation protecting strategic assets and contributing to the further development of Safe”.

It adds the capital will enable the firm to grow an ecosystem of applications and tools on top of its smart contract account protocol and is an “important milestone” for its development as a programmable ownership platform, enabling secure management of digital assets, data and identity across DAOs, retail and institutional users.

Safe has been used to process over 600,000 transactions and secure digital assets exceeding $40 billion, as well as a number of highly valued NFTs.

Co-founder Lukas Schor says: “For mainstream adoption of Web3 we need to overcome the risks and limitations of private key accounts.”

Traditional Web3 accounts are controlled by a single private key, often derived from a 24-word secret phrase. Safe uses smart contract accounts that can be individually configured to suit the custody needs of different user groups.