Greenfield Capital demands Swiss intervention in Safe governance dispute

Greenfield Capital, a major investor in Safe, has filed a formal complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA) to address ongoing governance concerns within the Safe Ecosystem Foundation. The firm, which has been engaged in discussions with Safe since early 2025, cited dissatisfaction with the foundation’s performance and lack of independent board members as key reasons for its action.

In an open letter to the Safe community, Jascha Samadi, founding partner of Greenfield, stated that the complaint follows months of unsuccessful efforts to resolve governance issues. He highlighted Safe’s underperformance relative to the broader market, noting that the project’s revenue growth fell short of expectations. While Safe reported over $10 million in annualized revenue at the end of 2025, Greenfield pointed to just $1.98 million in second-quarter revenue, far below the $20 million target for 2026.

Greenfield also criticized Safe’s declining market position, with the total value held in Safe accounts dropping from $66 billion in January 2024 to $30 billion by August 2026, a more than 50% decrease. Meanwhile, the total value locked in DeFi grew by 40%, and stablecoin supply increased by 135%. Samadi attributed these concerns to a lack of independent board members and alleged conflicts of interest involving board members Stefan George and Richard Meissner.

Greenfield has requested that the Swiss watchdog examine the foundation’s governance and determine if corrective measures are necessary. The firm proposed replacing George and expanding the board with independent members experienced in finance, risk management, and business strategy.