Blockchain Security Startup Blockaid Raises $33 Million to Scale its Technology
Blockaid, a blockchain security startup and partner of the MetaMask cryptocurrency wallet, has secured $33 million in funding to scale its technology designed to stop malicious transactions. The Series A funding round for Blockaid was led by major industry venture capital firms, including Coinbase investor Ribbit Capital and early-stage VC firm Variant. Other funding members included Sequoia Capital, Cyberstarts, and Greylock Partners.
Blockaid’s Security Platform Comes Out of Stealth
Blockaid announced that its security platform is coming out of stealth with its inaugural customers like MetaMask, the OpenSea marketplace, the Rainbow wallet, and the Zerion wallet. The startup has formed a strategic alliance aiming to provide security solutions for Web3 applications and protect users from malicious transactions.
Collaboration with MetaMask and OpenSea
MetaMask previously disclosed that it was collaborating with Blockaid and OpenSea in April 2023 to enable an experimental feature that would warn users when interacting with “known scams.” This collaboration aims to enhance user safety and security within the crypto space.
Blockaid’s Mission to Improve Blockchain Security
The latest funding aims to help Blockaid further scale its blockchain security offering to improve the industry’s resistance to hacks and scams. Founded in 2022 by alumni of Unit 8200 — the largest unit in the Israel Defense Forces — Blockaid is designed to be compatible with any blockchain network. Its security solution can detect malicious decentralized applications and simulate off-chain signatures (EIP-712s).
Protecting Users from Fraud and Hacks
“Blockaid protects users from fraud, phishing, and hacks,” said Blockaid co-founder and CEO Ido Ben-Natan. The company’s security platform has already scanned 450 million transactions in the past 3 months, thwarting 1.2 million malicious transactions and safeguarding $500 million in user funds.
Consensys’ Initiative to Reduce Fund Loss Incidents
Blockaid’s efforts to enhance security have been recognized by Consensys managing director Dror Avieli. He stated that reducing fund loss incidents in MetaMask is a Consensys-wide initiative spearheaded by Blockaid. Avieli emphasized that Blockaid has enabled Consensys to make users more secure than ever in the Web3 ecosystem.
Hot Take: Blockaid Raises $33 Million to Revolutionize Blockchain Security
Blockaid, a blockchain security startup, has successfully raised $33 million in funding to scale its technology and combat malicious transactions. With support from major venture capital firms and partnerships with industry leaders like MetaMask and OpenSea, Blockaid aims to provide robust security solutions for Web3 applications and protect users from scams. Founded by alumni of Unit 8200, Blockaid offers compatibility with any blockchain network and employs advanced features such as detecting malicious decentralized applications and simulating off-chain signatures. Its proactive approach has already prevented millions of fraudulent transactions, safeguarding user funds. The funding will further strengthen Blockaid’s mission to enhance blockchain security and foster trust in the crypto industry.
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