Cryptotech Startup Coinshift raises funds to expand its offerings
Coinshift, renamed from MultiSafe, raised $ 2.5 million in a funding round from Sequoia Capital India, Ryan Hoover, Longhash Ventures, Fintech Collective, among others
The startup aims to use the funds to evolve and “solve the three pillars of a cash management solution: cash management, financing and risk management.”
Coinshift says it can help organizations save up to 90% on gasoline costs with its ‘transaction bundle’
As the cryptocurrency and blockchain market gains traction in India, Ethereum-based cryptotech startup Coinshift raised $ 2.5 million in a fundraising round. Investors in the funding round included Sequoia Capital India, Ryan Hoover of Product Hunt and Weekend Fund, Ethereal Ventures, Longhash Ventures, Fintech Collective, Consensys Mesh, Defi Alliance, Volt Capital, Gnosis, Protocol Labs, BR Capital, among others.
Founded by CEO Tarun Gupta as MultiSafe in June 2021, the new Coinshift brand is a software platform that helps individuals and businesses manage their crypto cash flow. According to a statement released by the startup, Coinshift has processed payments worth $ 14 million and holds $ 200 million in cash assets.
The startup aims to use the funds to evolve and “solve the three pillars of a cash management solution: cash management, financing and risk management”. According to the founder, this would mean significant investments in their technical and non-technical teams.
Coinshift plans to help organizations cut gasoline costs
The startup offers features like multi-signature wallets that allow different members of an organization to collaborate and execute transactions and payroll management systems that help companies save time and expense. gasoline.
Just as cars need gasoline to run, all transactions and applications on the Ethereum network require “gas”. Everything on the Ethereum network costs a bit of gasoline: from checking an account balance to adding two numbers and completing a transaction. The market price of this gas fluctuates according to the demand for resources on the network. With its “transaction bundle,” Coinshift says it can help organizations save up to 90% on gasoline costs.
Unlike other Indian crypto startups like Polygon and CoinDCX, Coinshift appears to be focused on enabling crypto-based payroll transactions for its clients. Earlier this year, Polygon became the first Indian crypto startup to cross $ 13 billion in market capitalization, while CoinDCX became the first crypto unicorn.
Currently, organizations that plan to pay their employees in cryptocurrency face many hurdles including, but not limited to; compliance issues, disproportionate transaction fees, and clumsy and disjointed methods of scheduling and recording crypto transactions
In this area, Coinshift has international competitors like Bitwage and Sablier which enable international mass payment transactions using cryptocurrencies and blockchain technology. These companies help to integrate cryptocurrency transactions into traditional accounting practices.
Bitwage allows payments to be disbursed in many fiat and crypto currencies, including Bitcoin, Ether, and DAI, while Hourglass uses an Ethereum-based monetary protocol to allow organizations to pay their employees in cryptocurrency.
If this new batch of crypto treasury succeeds, many of these obstacles will be removed from the path of companies considering paying their employees in cryptocurrency. It would be a big step towards legitimizing decentralized assets.