On April 8, Safe, a crypto wallet service provider, acquired the crypto treasury management platform Multis for an undisclosed amount. The acquisition includes Multis' technology and senior leadership team, aiming to broaden Safe's digital asset management across various blockchains.

As part of the deal, former Multis CEO Thibaut Sahaghian is now Safe's Network Abstraction Lead. His expertise is expected to play a key role in developing Safe into a dependable network.

Sahaghian announced the news in a statement on the company website, expressing excitement about Multis being acquired by Safe, a leading smart contract wallet infrastructure provider.

Shared Vision of Challenging Traditional Finance

Sahaghian emphasized that both Multis and Safe share a common goal of enabling individuals and organizations to manage their own funds independently from traditional financial systems.

Sahaghian commended Safe for being a trailblazer in this mission, managing over $100 billion in self-custody assets and continuously pushing boundaries in the industry. He expressed humility in seeing Multis being acquired by such an innovative organization.

Addressing Network Complexities

Sahaghian discussed the rapid growth of the Web3 industry and the increasing use of crypto in various aspects of life, leading to a high demand for quicker and more cost-effective crypto transactions. This has driven the expansion of multiple Layer-2 networks on the Ethereum mainnet.

However, Sahaghian noted that this expansion has fragmented the blockchain landscape, complicating the development of user-friendly, on-chain applications and wallets. Users also face challenges managing assets across multiple networks.

Sahaghian explained that Safe aims to address these complexities through network abstraction, simplifying asset management across different blockchains and expanding Safe's scalability beyond Ethereum. The ultimate goal is to enhance user adoption and further decentralization.

Why Safe?

Safe's extensive product suite, including cutting-edge smart contracts and user-centric apps, convinced Sahaghian to proceed with the acquisition.

Sahaghian mentioned Multis's long history with Safe, starting with its initial fundraising efforts, where it utilized Safe's code and apps. Multis was also one of the first to integrate Safe's self-custody smart contracts into its enterprise software.

Sahaghian praised Safe for its vibrant community and forward-thinking founders. He noted that Safe's team is not only innovative but also values relationships and long-term goals, emphasizing their commitment to building connections and creating impactful work.