Appleby Advises on Spin-Out of Gnosis App from GnosisDAO
The deal showcases Appleby’s blend of digital assets, corporate / VC and intellectual property expertise
The Appleby Technology team, led by Marsha Williamson, has advised the founder of Gnosis App, Deep Shah, on the spin-out from the GnosisDAO (one of the largest and most active DAOs globally).
Following a DAO vote and approval earlier this year, the spin-out completed this month and featured a share acquisition, SAFE investment by Gnosis and IP licensing arrangements. The transaction values Gnosis App at US$10 million post-money.
The company will now focus on product development for its consumer-focused alternative money app, as it looks to achieve product-market-fit and scale.
Appleby advised on all Cayman law aspects of the deal. The team also included Peter Colegate (on IP matters) and Jared Awe (on corporate matters).
OUR TECHNOLOGY AND VENTURE CAPITAL PRACTICES
Our Technology & Innovation team in the Cayman Islands is a full-service technology practice, spanning corporate, finance, commercial, regulatory, intellectual property and data protection. Our clients include Tech Giants, fintechs and crypto firms, telecoms and satellite providers, software companies and technology investors.
Our team is ranked Band 1 for FinTech in the Chambers FinTech Legal Guide with several ranked individuals. We regularly advise businesses on the regulatory scope of the virtual assets / VASP regime, steering clients through the CIMA application process and their ongoing regulatory obligations. We work with first-time founders through to some of the world’s largest cryptocurrency exchanges.
Alongside regulatory advice, we support with initial structuring, entity formation, governance structures, token events and other fundraising and investments, plus services agreements, software development and IP licensing arrangements. We also work with crypto-focused investment funds and other investors across their digital assets investments and tokenized fund projects.
Our Venture Capital team – part of our Band 1-ranked Corporate team – advises ventures on all stages of structuring, early-stage and growth investments and exits (including IPOs, SPACs and de-SPACs), as well as equity incentive plans. On the investor side, we advise VCs, corporates and other investors on diligence and execution of investments into start-ups and scale-ups, with extensive experience supporting investments into crypto, web3 and other technology targets and Latin America-based ventures.
