Greenfield Capital Seeks Swiss Intervention in Safe Governance Dispute
Greenfield Capital, an investor in Safe, has filed a complaint with Switzerland’s foundation watchdog, seeking changes to the Safe Ecosystem Foundation’s board. The move follows months of unsuccessful engagement over governance concerns. In an open letter, Greenfield founding partner Jascha Samadi cited issues with Safe’s performance since early 2025, including its revenue growth and the lack of independent voices on the board.
Greenfield’s complaint to the Federal Supervisory Authority for Foundations (ESA) argues that Safe’s current governance structure is hindering its potential. The firm highlighted that Safe’s second-quarter revenue of $1.98 million fell short of the $20 million expectation for 2026. Additionally, the total value held in Safe accounts dropped from $66 billion to $30 billion between January 2024 and August 2026, while the broader DeFi market grew.
Samadi attributed these concerns to a lack of independent board members with decision-making experience. He also alleged conflicts of interest involving board members Stefan George and Richard Meissner, who have ties to companies developing and operating Safe products. Greenfield had previously requested the foundation to restructure its governance by replacing George and adding independent members with expertise in finance and business strategy.
The dispute comes as Safe aims to achieve break-even and double its revenue in 2026. The project reported over $10 million in annualized revenue at the end of 2025, with ambitions to reach $100 million in annual recurring revenue by 2030. Greenfield is now asking the Swiss watchdog to review the foundation’s governance and determine if corrective measures are necessary.