Cashmere

Cashmere is a multisig wallet platform for Solana-based organizations that need shared, threshold-controlled access to on-chain assets. Instead of concentrating signing authority in a single private key, the platform distributes it across a configurable set of owners who must collectively authorize transactions before they execute. The product targets crypto hedge funds, NFT projects, gaming studios, DAOs, and web3 startups that hold active Solana treasuries.

OpenSea joined as an early user within six months of Cashmere's launch. The company reported reaching $100 million in total value secured across accounts on the platform, though that figure was not published with a specific date.

How the Multisig Works

The Cashmere multisig program runs on Solana mainnet at program address AzHKmHjEoZ7JqiTUPgPVAZgtyNLwa3BTsRgffYxCVDD, with parallel deployments on testnet and devnet for development and staging use. The program is built using the Anchor framework, and Cashmere publishes its IDL for teams that want to interact with it programmatically.

Authorization follows a propose-approve-execute pattern. An owner initiates a transaction, which holds in a pending state until the required number of co-signers approve it. Execution only proceeds once the approval threshold is satisfied. Both the owner set and the threshold can be updated through dedicated program instructions, so organizations can rotate signers or tighten controls without migrating their wallets to a new address.

The platform supports SOL and all SPL tokens and integrates with the full Solana wallet ecosystem, including hardware wallets. Co-founder Shashank Khanna stated in the seed funding announcement: "We built Cashmere to offer Solana users institutional-grade security without relying on cold storage solutions."

Security and Audit

Cashmere published a security audit report for its multisig program in July 2022, available in its public GitHub repository under the cashmere-inc organization. The audit was completed before the seed round closed and before the product reached wider institutional adoption.

The Solana wallet incidents of August 2022, in which compromised private keys drained funds from more than 8,000 addresses, demonstrated the specific risk a multisig model addresses. Draining a Cashmere-protected wallet requires compromising multiple independent signing keys simultaneously, a substantially harder attack surface than targeting a single hot wallet.

Team

Cashmere was founded in 2021 by three engineers with backgrounds at prominent technology companies. Shashank Khanna, who leads the company as CEO, previously worked in engineering at Amazon and SoFi. Rebecca Lee, the CTO, held engineering roles at Facebook, Retool, and Affirm. Charlotte McGinn contributed a background as a software engineer at Tesla, where she worked on in-vehicle music and video streaming.

Funding and Investors

The company graduated from Y Combinator's Winter 2022 cohort. It raised a $650,000 pre-seed round in November 2021 led by Wonder Ventures and Notation Capital, with Project Serum, Volt Capital, CreditEase, Global Founders Capital, and Soma Capital also participating.

A $3 million seed round followed in August 2022, valuing the company at $30 million. Coinbase Ventures and FBG Capital led the seed alongside Y Combinator. Total funding across both rounds is $4.15 million.

No Token

Cashmere has not issued a governance token or any protocol token. Organizations access the product through the hosted interface or by integrating directly with the on-chain program via its IDL. There is no token requirement for using the wallet.

Solana Fit

The choice to build exclusively on Solana reflects the founders' view that the chain's fee structure and throughput make active treasury management practical at scale. Co-founder Charlotte McGinn noted that mainstream crypto adoption surfaced a significant unmet need for security tools accessible to less technical teams, a gap the founding team set out to fill on Solana specifically.

Because the program is built with Anchor and exposes a published IDL, development teams can integrate with it directly without waiting for a proprietary SDK. Cashmere has noted that an SDK is in progress, but the IDL-based path is the currently supported integration method.