Blockdaemon Ventures is excited to take part in Gnosis Safe’s $100M funding round with 50+ other blockchain industry partners.
Gnosis Safe is a programmable ownership platform that enables users of Web3 to manage digital assets securely on top of a smart contract account protocol.
Why There’s a Need for Secure Web3 Infrastructure
The adoption of Web3 has the potential to create security challenges. Traditional crypto accounts are often controlled by a single private key, generally derived from a 24-word secret phrase. As long as a user owns this private key, they control the account. However, these private keys are regularly lost or compromised, resulting in the complete loss of the assets associated with the account. For example, in 2022, we saw how $600 million USD in Ether was stolen from an NFT gaming blockchain. And in 2021, Chainalysis – the cryptocurrency data firm – announced that tens of billions worth of Bitcoin appeared to be in lost or otherwise stranded wallets.
There is a need for secure custodial solutions to control the risks associated with private keys. Safe has built ‘use-case’ and ‘user-group’ infrastructure for the Web3 ecosystem to safely secure digital assets, data, and identities via smart contract accounts.
Why Blockdaemon Chose to Invest in Gnosis
Gnosis’ market-leading position across crypto-native companies, DAOs, and institutions aligns well with Blockdaemon’s position as a global leader in blockchain infrastructure.
In 2021, Gnosis Safe hit a total trading volume of over $7 billion USD, with 9+ thousand weekly active users.
Gnosis’s vision is bold. By 2030, Gnosis plans for all Web3 activity to originate from Gnosis Safe accounts.
Safe has already established itself as a market leader in the secure digital asset management space serving the biggest DAO treasuries, financial institutions, enterprises, and individuals. As security is at the heart of our operations at Blockdaemon, we are incredibly excited to support Safe as it enters its next phase of growth.
Gnosis Safe already has significant market traction, so Blockdaemon is excited to play a role in further accelerating the adoption of Gnosis’ Smart Contract accounts in 2022 and beyond across funds, DAOs, and enterprises.
Additionally, Blockdaemon and Gnosis are thinking about possible ways to integrate products. These projects include collaborations across Blockdaemon’s Liquid Staking protocol and providing infrastructure support for the Gnosis chain validator. As a strategic investor, Blockdaemon will have the opportunity to participate in governance and help steward the ecosystem through its next phase of growth.
At Blockdaemon, we are always looking for industry leaders like Safe that increase access to economic opportunity through blockchain technology.
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