Cashmere
DefunctYC W22San Francisco, US Β· Founded 2021 Β· 3 employees Β· 12 known investors
Cashmere provides a multi-signature Solana wallet that allows enterprises and startups to manage cryptocurrency holdings across multiple authorized signers rather than concentrating control in a single account.
Also known as Cashmere Finance
Founders & leadershipΒ· Y Combinator alumni (W22)
Cashmere was founded in 2021 by Shashank Khanna, Rebecca Lee, and Charlotte McGinn.
Investors Β· 12
Also in the syndicate Β· 2
Funding
SEC filings, press & company announcements$8.6M disclosed across 2 of 4 rounds Β· 2022β2026
- $5MSeedJun 2026
Reach Capital (lead), Fortitude Ventures, Founders Future, Ingram Content Group, Lightshed Ventures, Naver Corp, Pearson Publishing
Source β - Undisclosed amountSeed RoundSep 2024Source β
- $3.6MraisedSep 2024 Β· 2 sourcesSource β
Source: company announcements and press reports β follow each round's link for the claim.
Valuation Β· disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed β follow each entry's link for the claim.
Company profile
researched Aug 2026Cashmere (cashmere.finance) built a multi-signature wallet on the Solana blockchain aimed at web3 startups and enterprises that needed to hold and move digital assets without relying on a single individual's personal wallet. The product allowed an organization to create a "joint wallet" in which several owners are designated and a configurable threshold of signers must authorize each transaction; additional, more complex signing rules could be set after wallet creation. Wallet creation was performed by connecting a Phantom wallet, with the connecting user becoming the first owner, and a one-time fee of 0.25 SOL charged per signer [1].
Technically, Cashmere shipped an on-chain multisig program deployed to Solana mainnet, testnet and devnet, and published an Anchor-style IDL as the primary programmatic integration path, with instructions for creating a multisig, proposing transactions, approving them, executing them, and changing the owner set or approval threshold. The documentation noted that an SDK to simplify integrations was planned but not yet available [2].
The company took part in Y Combinator's Winter 2022 batch and was based in San Francisco with a team of three. Y Combinator's profile lists Cashmere's status as inactive and its three founders β Shashank Khanna (co-founder and CEO, previously an engineer at Amazon and SoFi, UCLA), Charlotte McGinn (CTO, previously a software engineer at Tesla, UCLA) and Rebecca Lee (previously at Facebook, Retool and Affirm; also founded Juicebox) β as former founders who have since moved to other companies [4].
Business model
Cashmere offered a self-serve, on-chain wallet product: organizations connected an existing Solana wallet and created a shared multisig "joint wallet." A one-time on-chain fee of 0.25 SOL per signer was charged at wallet creation; no other pricing or subscription terms are described in the available sources [1].
The only stated charge in the sources is a one-time 0.25 SOL creation fee per signer at joint-wallet setup [1].
Traction
Sources provide no user, transaction or revenue figures. The multisig program was deployed to Solana mainnet, testnet and devnet, and developer documentation was published, but that documentation was last updated approximately four years before retrieval [2]. Y Combinator lists the team size as three and the company as inactive [4].
Latest developments
Y Combinator's profile marks Cashmere as inactive and lists all three founders as former founders now at other organizations. The public developer documentation remains online but was last updated about four years ago [2][4].
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Categorized by Y Combinator under DeFi, Crypto/Web3 and DAO. The available sources do not describe market share, customer counts or competitive standing [4].
Positioned as a multisig alternative to running company funds from a single person's wallet, with configurable per-transaction signer thresholds and more complex signing rules available post-creation, plus direct on-chain programmatic access via a published IDL [1][2][4].
Technology
An on-chain multisig program for Solana, deployed at distinct addresses on mainnet, testnet and devnet. The program exposes instructions to create a multisig with a list of owner public keys, a maximum owner count and an approval threshold; create a transaction proposal; approve it; execute it once enough owners have signed; and update owners and/or the threshold. Integration was documented via a published IDL, with an SDK described as a future addition. Error conditions cover invalid owners, insufficient signers, duplicate owners and thresholds exceeding the owner count [2]. The end-user application supported connecting a Phantom wallet and configuring the number of signatures required per transaction [1].
Go-to-market
Self-serve web application at app.cashmere.finance for creating and configuring joint wallets, supported by public developer documentation and an on-chain IDL for programmatic integration; the company also had visibility through the Y Combinator Winter 2022 batch [1][2][4].
Web3 startups, enterprises and DAOs that hold digital assets on Solana and want treasury control distributed across multiple authorized signers rather than a single individual's wallet [1][4].
Geography
San Francisco, United States [4].
History
Cashmere was founded in 2021 and participated in Y Combinator's Winter 2022 batch from San Francisco. In August 2022 a $3M seed round at a $30M valuation was reported on the company's YC profile. Its developer documentation has not been updated in roughly four years, and Y Combinator now lists the company as inactive, with its founders described as former founders working elsewhere: Shashank Khanna at Vanta and Rebecca Lee as CTO at Elayne [2][4].
Risks & controversies
No controversies are reported in the sources. The principal recorded risk is discontinuation: Y Combinator lists the company as inactive and its founders as departed, while the on-chain program and documentation remain published but unmaintained for roughly four years [2][4]. Several similarly named entities exist β an AI client-intelligence platform for financial services (cashmereai.com), a publishing/AI data infrastructure company (cashmere.io), an LA creative agency acquired by S4 Capital, and the Italian cashmere brand Malo β none of which relate to this company.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Founder mafia
2 people who came through Cashmere went on to found or lead other companies.
Timeline Β· 3
launches, deals, and filingsY Combinator lists Cashmere's status as Inactive, with all three founders shown as former founders who have moved on to other companies.
Y Combinator's company page lists a news item stating Cashmere raised a $3M seed round at a $30M valuation to build a Solana enterprise wallet.
$3M source β
Cashmere is listed as a member of Y Combinator's Winter 2022 batch, categorized under DeFi, Crypto/Web3 and DAO, based in San Francisco.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Cashmere Β· The AI-powered data layer for financial servicescashmereai.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Cashmere do?
- Cashmere was a Y Combinator-backed multisig Solana wallet for startups and enterprises; YC now lists it as inactive.
- Who founded Cashmere?
- Cashmere was founded by Shashank Khanna, Rebecca Lee, Charlotte McGinn in 2021.
- Who are Cashmere's investors?
- Cashmere's investors include Coinbase Ventures, Notation Capital, South Quad, Y Combinator, Canapi Ventures, Fortitude Ventures, Founders Future, LightShed Ventures and 2 more.
- How much funding has Cashmere raised?
- Cashmere has disclosed $8.6M raised across 2 of its 4 known rounds.
- Where is Cashmere headquartered?
- Cashmere is headquartered in San Francisco, US.