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UOB, SCB10X part of $100m funding of Gnosis Safe, crypto self-custody solution

crypto custody multi signature

Today Gnosis Safe – now renamed as Safe – announced a $100 million funding round led by 1kx. Sixty other backers include Tiger Global, Brevan Howard Digital Assets, Singapore’s UOB Venture Management and SCB 10X, the digital subsidiary of Siam Commercial Bank. The funds go towards the Safe Ecosystem Foundation, a non-profit.

Safe provides a widely adopted crypto self-custody solution for the Ethereum ecosystem used by many larger wallets and applications because it supports multiple signatures.

“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,” said Lasse Clausen, founding partner of 1kx. “Users are only beginning to understand the power of composable asset management.”

It claims that 13% of CryptoPunks use Safe for custody, and more than $40 billion in crypto-assets are secured using its solution. The custody offering is used by large DAO treasuries such as BitDAO, which manages more than a billion dollars, crypto exchange Bitfinex, and even Shopify.

Several treasury solutions that enable DAOs or corporates to manage crypto-assets collaboratively use Safe for the crypto custody aspect. It allows the wallets to be controlled by multiple private keys or by a DAO community. Additionally, it enables spending limits and automation.

“For mainstream adoption of web3 we need to overcome the risks and limitations of private key accounts,” said Lukas Schor, co-founder of Safe. “Safe provides a critical public good as a composable and use-case agnostic smart contract account that can control digital assets, data and identities.”

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