Greenfield Seeks Swiss Review of Safe Foundation Board Governance

Greenfield Capital has asked Switzerland’s foundation regulator to review Safe Ecosystem Foundation’s governance after months of unsuccessful efforts to change its board, citing declining measures of Safe’s use against broader crypto-market growth.

The investor wants board member Stefan George replaced and the board expanded with independent members experienced in finance, risk management and business strategy. Greenfield founding partner Jascha Samadi said the firm believes Safe cannot reach its potential under the current governance structure after more than a year of research and dialogue.

From January 2024 to August 2026, the total value held in Safe accounts fell from $66 billion to $30 billion, while decentralized finance’s total value locked rose 40%, Samadi said.

Over the same period, stablecoin supply grew about 135%, while stablecoins held in Safes on Ethereum increased 11%. Greenfield also cited Safe’s share of USDC in circulation falling from 12.8% to 2.5%.

The firm said Safe generated $1.98 million in second-quarter revenue, equivalent to an $8 million annualized run rate, below its $20 million expectation for 2026. Safe reported more than $10 million in project-wide annualized revenue at the end of 2025 and has described a longer-term ambition to reach $100 million in annual recurring revenue by 2030.

Samadi alleged conflicts of interest involving George’s role at Gnosis and fellow board member Richard Meissner’s ties to companies developing and operating Safe products. Greenfield wants the Swiss regulator to review the foundation’s board and decide whether intervention is warranted.