Greenfield Capital Escalates Governance Dispute with Safe Ecosystem Foundation
Greenfield Capital, a major investor in Safe, has escalated its governance dispute with the Safe Ecosystem Foundation by filing a complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The firm claims months of engagement failed to address concerns over the foundation’s board, which Greenfield argues lacks sufficient independence and has potential conflicts of interest.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi highlighted growing worries about Safe’s direction since early 2025. The complaint seeks changes to the board, arguing that its current composition could hinder effective decision-making and strategic execution, particularly as Safe aims to double its revenue and reach break-even by 2026.
Greenfield’s concerns extend beyond governance to financial performance. While Safe reported over $10 million in annualized revenue at the end of 2025 and targets $100 million by 2030, Greenfield claims the project’s momentum is lagging. The firm cited second-quarter revenue of $1.98 million, an annualized run rate of about $8 million, far below the expected $20 million for 2026.
Additionally, Greenfield points to ecosystem data, noting that the total value held in Safe accounts dropped from $66 billion in January 2024 to $30 billion by August 2026, while DeFi’s total value locked increased by 40%. The firm also highlighted stablecoin data, arguing that Safe is not capturing demand in self-custody despite a 135% growth in stablecoin supply.