Greenfield Capital Seeks Swiss Intervention in Safe Governance Dispute

Greenfield Capital, a key investor in the Safe Ecosystem Foundation, has filed a complaint with Switzerland's Federal Supervisory Authority for Foundations (ESA) regarding the foundation's governance structure. The move comes after months of engagement between Greenfield and the foundation failed to address concerns over governance. Greenfield's founding partner, Jascha Samadi, expressed concerns over Safe's performance relative to the broader market and a lack of independent voices on the foundation board.

In an open letter to the Safe community, Samadi stated that despite Safe's growth in the broader crypto market, the project has been losing ground. He cited the decline of total value held in Safe accounts from $66 billion to $30 billion, a drop of over 50%, between January 2024 and August 2026. Meanwhile, total DeFi total value locked grew 40% over the same period.

Samadi also pointed out that despite the growth of stablecoins, Safe's share of USDC in circulation fell from 12.8% to 2.5%. He attributed these concerns to a lack of independent board members with 'experienced decision-making' and alleged conflicts of interest involving board members Stefan George and Richard Meissner.