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Multis announces acquisition by Safe to expand wallet scalability

Web3/Crypto
Webp sahaghian
Thibaut Sahaghian, team lead at Safe | LinkedIn

Multis announced its acquisition by Safe, a smart contract wallet infrastructure provider. The focus will now be on enhancing the scalability of Safe's products beyond Ethereum, aiming to increase user adoption and further decentralization.

According to a press release by Multis, the partnership aims to simplify asset management across various blockchains by expanding Safe's product scalability beyond Ethereum. This acquisition aligns with both companies' shared mission of empowering users to operate independently of traditional financial systems and promoting greater decentralization in the web3 industry.

Thibaut Sahaghian, former CEO of Multis, will assume the role of Network Abstraction Lead within the Safe ecosystem. He and his team will focus on making digital asset adoption more accessible for businesses and individuals. According to a press release by Safe, Sahaghian and the former Multis team members will work together to address the challenges of cross-chain interaction through network abstraction, simplifying the management of assets across multiple blockchain networks.

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According to a press release by Safe, Sahaghian said, "Joining Safe is a game-changer for us. We’ve already been harnessing Safe’s robust infrastructure for years, and this is a new journey for us. It empowers us to broaden our mission, tapping into Safe’s expansive platform and extensive user base. Together, we’re set on building an ecosystem where digital assets and applications interact seamlessly across multiple networks, easing the path to adoption and creating a more integrated blockchain world."

Multis provides a financial software platform for Decentralized Autonomous Organizations (DAOs) and businesses to manage transactions with both USD and digital assets across multiple networks. Supported by Sequoia Capital and Y Combinator, Multis has been a leader in improving the crypto business user experience. According to Multis, the platform offers features like automated payments, batch transactions, fiat conversion, and integration with various wallets and accounting systems—all designed to streamline crypto operations and ensure the safety of crypto treasuries.

Organizations Included in this History
Safe
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UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

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