Gnosis Changes Name To Safe, Raised $100M To Built Wallet Ecosystem

Gnosis changes name to “Safe” and it is building an adaptable multi-app ecosystem for custody of digital assets by raising $100 million to help its goal so let’s read more today in our latest cryptocurrency news.

Gnosis changes name to “Safe” and it raised $100 million in funding as the company announced this morning. The funding round was led by 1KX and included 62 other contributors like Blockchain Capital, Tiger Global, A&T Capital, Polygon, and Consensys. The announcement marked the company’s rebranding after spinning off from the parent company after a community vote in April. Safe emerged as a popular crypto wallet that was known for its use of customizable smart contracts while the control of most crypto and Web3 accounts hinged upon private keys and Safe utilized smart contracts to customize the account security. This way it authenticated the use of multiple private keys or the community approval. Safe’s smart contract can be integrated with recovery mechanisms into the storage of these digital assets.

1/ On How To Secure Your NFTs

Where are your NFTs out in the metaverse?
How do you store them?
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How do you pass down your Grails to your grandkids?

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— 6529 (@punk6529) November 19, 2021

The enhanced safety features earned Safe a broad customer base like individuals such as Vitalik Buterin, and businesses like Shopify and BitDAO. Safe wallets now store up to $40 billion worth of crypto as per the data from Dune Analytics. Safe expanded from a single product offering ever since and now has a multi-wallet ecosystem where the teams can build on top of the Safe smart contract technology. The company has over 30 teams building on top of Safe up to this date. The co-founder Lukas Schor said:

“We initially built something that was very generic, that could suit many different use cases. Now we see that the future is more like these tailor-made solutions that fit different user groups.”

Lasse Clausen as the founding partner, and leader of today’s $100M fundraising round, said that developers and users are only now understanding the power of compostable asset management. Today’s fundraiser will allow Safe to shift to support these teams and foster the ecosystem by creating their own product. The sizeable fundraise notable in the bear market comes at a time when the security of these assets remains an issue for the community.

The value of the stolen bored Ape Yacht Club and Mutant Ape Yacht Club totaled over $18.5 million and we also saw actor Seth Green enduring a publicized PR disaster when the NFT he aimed to make a focal point on a TV series was hacked.