Safe, a prominent provider of smart contract wallets, is improving its blockchain offerings by taking over Multis, a company specializing in wallet management software.
Safe Acquires Multis
On April 8th, the cryptocurrency wallet service provider Safe bought Multis, a crypto treasury administration platform, for an unspecified amount. The deal encompassed Multis’ technology and top executives to help Safe grow its offerings in managing various digital assets across multiple blockchains.
In the deal, Thibaut Sahaghian, previous CEO of Multis, now joins the Safe team as the Network Abstraction Head. His expertise will be valuable in building Safe into a trusted network.
The news was announced via a statement penned by Sahaghian and published on the company website,
Today, I’m excited to share the news that Multis has been taken over by Safe, the foremost supplier of smart contract wallet infrastructure. This is a significant achievement in our progress.
Breaking Moulds Of TradFi
During the discussion on acquiring Multis and Safe, Sahaghian emphasized that these two entities held a common goal: enabling individuals and businesses to control their finances independently and transcend the constraints of conventional financial structures.
Sahaghian said,
“Safe has been leading the way and has been steadfastly achieving its goal. They currently secure more than $110 billion worth of assets in self-custody. They’ve also attracted substantial investment to expand their horizons even further. What they have created is nothing short of impressive – a benchmark in our field. I am truly awed to witness Multis being taken over by such an esteemed company, with founders and team members who are an inspiration.”
Helping Users Across Network Complexities
Sahaghian talked about the dynamic nature of the Web3 industry and the expanding role of cryptocurrency in various aspects of life, resulting in a significant surge in the need for quicker and cheaper crypto transactions. This necessity calls for greater scalability, driving the expansion of several Layer-2 networks that operate above the Ethereum primary network.
According to Sahaghian’s perspective, this requirement has resulted in a fractured blockchain ecosystem, making it more challenging for developers to build intuitive, on-chain apps and digital wallets. Additionally, users find it difficult to handle their assets in various networks.
Sahaghian said,
“That’s where we come in. We’ll simplify the challenge of managing assets across multiple blockchains by using network abstraction. Specifically, we aim to enhance the scalability of Safe’s products beyond Ethereum. Our ultimate goal is to increase user adoption and promote even greater decentralization.”
Why Safe?
The acquisition was ultimately won over by Safe’s advanced collection of offerings, consisting of cutting-edge smart contracts and app designs tailored to users.
Sahaghian notes that Multis has had a deep connection with Safe since their initial fundraising campaigns. They adopted and utilized parts of Safe’s code and applications during this time. Additionally, Multis was an early pioneer in incorporating Safe’s self-custody smart contracts into their business software.
Sahaghian said,
“Safe distinguishes itself with the dynamic industry community it has cultivated. The founders and team are not only brilliant but also forward-thinking, focusing on future objectives. They value their people and take pride in their work beyond just ideas. It’s evident that they don’t merely create products, but rather foster meaningful relationships.”
Read More
Sorry. No data so far.
2024-04-19 15:08