Got it. Yeah we did that for a bit, but it became apparent soon enough that we actually needed different access levels and keeping track of three or four different databases & passwords just didn't seem practical.
I've done this in a team in the past and we just put the encrypted keepass database in a private github repo. It mostly works out fine, the only pain in the butt is everyone needs to ensure that they pull down their repo and make sure its all up to date before they add anything to it.