Safe Foundation plans to raise $100 million and has received $65 million in investment commitments

念银思唐

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2022-02-16 08:27

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The post-money valuation of the project will reach US$1.25 billion.

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The post-money valuation of the project will reach US$1.25 billion.

This article comes fromThe Block, original author: Ryan Weeks

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Ryan Weeks

Odaily Translator | Nian Yin Si Tang

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Summary:

- The fundraising will only close when token holders vote for the first time to spin off Gnosis Safe from Gnosis Ltd.approveThe Safe Foundation, the proposed steward of the Gnosis Safe ecosystem, is planning a $100 million token sale.

According to a document obtained by The Block, 8% of the total supply of the SAFE token (a governance token that has not yet been launched) has been earmarked for sale to strategic investors. The financing will value the project at $1.25 billion.

Safe Foundation has secured $65 million worth of commitments from investors including 1kx, Dragonfly Capital, Coinbase Ventures, Blockchain Capital and Zee Prime.

However, unless the Gnosis community — specifically holders of its native token, GNO —

approve

If this proposal is implemented, the Safe Foundation would be formed together with SafeDAO as a Swiss non-profit. Initially, the foundation will mint 1 billion SAFE tokens. Its role will be to foster Gnosis Safe's ecosystem while protecting some of the project's key assets such as IP, domain names, and GitHub repositories. The split vote will be finalized in the coming weeks.

Lukas Schor, project lead at Gnosis Safe, said the tool "has clearly become critical infrastructure for Web3," powering DAOs and centralized exchanges.

"By spinning off and issuing tokens, our goal is to make Gnosis Safe a fully community-run and owned project," he explained, with the Safe Foundation helping to manage the transition.

“During the spin-off, we are also planning a strategic token sale. Our goal is to gain support from strategic partners who believe in the potential of smart contract-based accounts and have a strategic interest in the Gnosis Safe project .”

He declined to comment on the details of the financing.