[Funding alert] Crypto treasury startup Coinshift raises $2.5M from Sequoia Capital, Polygon's Sandeep Nailwal, others
Crypto treasury management platform Coinshift today announced it has raised $2.5 million in a seed round from Sequoia Capital India, Weekend Fund, and others, as well as angel investors such as Polygon Co-founder and COO Sandeep Nailwal.
Founded by blockchain entrepreneur Tarun Gupta, CoinShift helps businesses and decentralised autonomous organisations (DAO's) manage their crypto easily.
It claims it is a simple and powerful software that empowers users to collaborate and approve transactions, execute mass pay-outs where organisations can save up to 90 percent in gas fees, get smart reports, etc.
Tarun Gupta said, “We have processed $14 million in payouts till date and are growing 200 percent MoM. Our customers include ConsenSys, Balancer Grants, Uniswap Grants, Biconomy and 120 others with $200 million in treasury assets."
With over $90 billion sitting in crypto treasuries, Coinshift plans to help teams diversify treasuries efficiently by building asset management with a built-in risk assessment. The crypto startup’s long-term goal is to be a go-to software for businesses to manage all crypto treasury operations.
“Our mission is to build the most sophisticated crypto treasury management platform for companies and DAOs. While we have started out with payouts to help crypto teams manage payroll, grants etc, we want to scale to solve for the three pillars of a treasury management solution — cash management, financing, and risk management," Tarun said, adding:
"The current round of funding will help us in expanding our technical and non-technical team while further developing our product suite."
The startup claims its UX enables non-technical users to process mass payouts quickly. Integrating with DeFi protocols, it is also enabling businesses to invest their crypto assets to diversify risk and generate yields.
Coinshift says businesses can also use multi-signature wallets, collaborate to confirm, and execute transactions, define an organisation structure, specify salaries for each individual employee, and more.
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