Safe acquires Multis, a cryptocurrency treasury management company backed by Sequoia

  • For an undisclosed amount, cryptocurrency treasury management platform Multis was purchased by wallet infrastructure provider Safe.
  • Thibaut Sahaghian, the former CEO of Multis, will be a key member of the Safe ecosystem as the Network Abstraction Lead.

Multis, a cryptocurrency treasury management platform sponsored by Sequoia, was bought by crypto wallet infrastructure provider Safe.

The technology and senior leadership team of Multis are now part of the Safe Ecosystem Foundation thanks to the acquisition. As Network Abstraction Lead, former Multis CEO Thibaut Sahaghian is increasingly contributing to the Safe ecosystem.

The need for Safe’s services is growing rapidly, especially from [Layer 2] ecosystems that are just getting started and need strong infrastructure support to handle their users’ digital assets. Safe co-founder Richard Meissner stated, “Simplifying the cross-network experience becomes crucial as we expand.”

By offering a single platform for handling accounting and payments, Multis seeks to assist projects, including businesses and DAOs, in managing their treasuries. It states that over 100 projects, such as Axie Infinity, Audius, and Connext, are utilizing its platform.

Safe is a platform for setting up multisig crypto wallets, which need multiple parties to approve transactions. It was formerly known as Gnosis Safe. According to research, its wallets are used to manage assets worth about $96 billion.

With the intention of enabling cryptocurrency users to more easily manage their assets across numerous blockchains, the acquisition will assist Safe in concentrating on promoting connectivity between blockchains.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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