Gnosis Safe rebrands to Safe, secures $100M in a funding round

July 12, 2022

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The leading digital asset management platform Safe (previously called Gnosis Safe) recently announced that it has secured $100 million in a funding round.

1/📢 Important News:
We are announcing a strategic funding round of $100 million led by @1kxnetwork to advance digital asset management and unlock ownership for everyone.
Read more:https://t.co/hUzlAZiXYO

— Old account 👉 follow @safe (@gnosisSafe) July 12, 2022
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As per the announcement by the company, the funding round was led by 2017-founded 1kx. Moreover, several big names like A&T Capital, Tiger Global, Blockchain Capital, Greenfield One, Digital Currency Group, Rockaway Blockchain Fund, Lightspeed, ParaFi, and Polymorphic Capital, also participated in the fundraising round to support the company.

The company also announced its rebranding from Gnosis Safe to Safe after a successful community vote to remove Gnosis from the name. Safe, which was initially created as an internal tool, has become an important infrastructure for Web3 projects as a means of safely managing digital assets.

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Funding will support the Safe Ecosystem Foundation

The announcement reveals that the company is aiming to use the funding to support the Safe Ecosystem Foundation, “a non-profit organization protecting strategic assets and contributing to the further development of Safe.”

The founding partner at 1kx, Lasse Clausen, commented on the new milestone by stating:

“Safe has established itself as the universal asset management primitive. From DAOs to treasury management tools to institutional custody, Safe has achieved an incredible product-market fit throughout all segments of crypto and established itself as the absolute winner.

He added that 1kx has long been a user of Safe and believes that “developers and users are only beginning to understand the power of composable asset management.”

Notably, the funding marks a crucial milestone for the development of Safe in the path of a programmable ownership platform, aiming for secure management of data, identity, and funds across DAOs, retail and institutional users.

Safe’s self-custody system, which is used to conduct over 600,000 transactions and secure digital assets worth over $40 billion, has garnered wide adoption. Additionally, Safe is now used to secure numerous highly valuable NFTs, including 13% of all Cryptopunks.

It has developed the necessary infrastructure to support some of the biggest DAO treasuries (1inch, BitDAO), enterprises (Bitfinex, GSR), and financial organizations (Shopify, AB group). Additionally, people like Vitalik Buterin and Punk6529 also use Safe to protect their most important digital assets.

The ongoing crypto winter season has failed to prevent the companies from securing funds for further adoption. In July itself, Blockchain security company BlockSec secured $8 million in a seed funding round, as TheCoinRise reported. Moreover, trading platform Thalex also pulled $7.6 million in a Series A funding round last week.