The massive fund will help Safe to introduce new products, leveraging its smart contract accounts.
Safe, a digital asset management platform previously known as Gnosis Safe, has recently raised $100M in a funding round led by crypto fund 1kx to grow its ecosystem.
According to the official announcement issued on July 12th, the fundraiser saw participation from over 60 leading investors, including Tiger Global, Lightspeed, Digital Currency Group, Coinbase Ventures, Blockchain Capital, Polygon, A&T Capital, and others.
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As stated in the report, the millions of dollars collected will be allocated to the Safe Ecosystem Foundation, a non-profit firm that will leverage the funds to protect assets, boost its development, provide grants, and investments.
Safe, providing custody for Web3 applications, is a smart contract wallet that has already secured digital assets worth $40B and processed over 600k transactions. Safe differs from every other alternative out there because it uses smart contracts that provide authentications using multiple private keys, and offers recovery, as well as inheritance mechanisms.
Throughout the years, the platform has already helped numerous companies and entrepreneurs secure their digital assets, including financial institutions such as Bitfinex and GSR, as well as Ethereum (ETH) co-founder Vitalik Buterin.
Lukas Schor, a co-founder at Safe, mentioned that the firm’s product, allowing the community to deal with limitations that private key accounts hold, will drive the adoption of the Web3 technology. He added:
“Safe provides a critical public good as a composable and use-case agnostic smart contract account that can control digital assets, data and identities.”
Lasse Clausen, a founding partner at 1kx, has commented on the massive fund and noted that Safe has already secured its place at the top of the market, noting that it managed to create a universal product that has a lot of potential in the crypto ecosystem. He added:
“At 1kx, we have been long users of Safe and believe that developers and users are only beginning to understand the power of composable asset management.”
