Greenfield Capital Escalates Governance Dispute at Safe Ecosystem Foundation

Greenfield Capital, a major investor in Safe, has escalated a governance dispute by filing a complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The firm seeks changes to the Safe Ecosystem Foundation’s board after months of unsuccessful negotiations. In an open letter, Greenfield’s founding partner, Jascha Samadi, expressed concerns over Safe’s performance and governance, arguing that the project will not reach its potential under the current leadership.

The dispute arises as Safe aims to achieve break-even and double its revenue in 2026. The project reported over $10 million in annualized revenue by the end of 2025 and targets $100 million in annual recurring revenue by 2030. However, Greenfield disputes these projections, citing second-quarter revenue of $1.98 million, far below the expected $20 million for 2026. The firm also highlights a 50% decline in total value held in Safe accounts from $66 billion to $30 billion between January 2024 and August 2026, despite a 40% growth in the broader DeFi market.

Greenfield attributes Safe’s struggles to a lack of independent board members and alleged conflicts of interest involving board members Stefan George and Richard Meissner. The firm has urged the foundation to restructure its governance by replacing George and adding independent members with expertise in finance, risk management, and business strategy. The complaint to the Swiss watchdog seeks an examination of the foundation’s governance and potential corrective measures.