Blockaid Emerges from Stealth with $33 Million in Funding to Protect Users
Web3 security company Blockaid has announced that it has come out of stealth mode and secured $33 million in funding to protect users from fraud, phishing, and hacks. The company, founded in September 2022, concluded its series A funding round, bringing the total raised to $33 million. Ribbit Capital and Variant led the funding round, with participation from Cyberstarts, Sequoia Capital, and Greylock Partners.
Blockaid plans to use the funds to fuel its growth and scale its product, customer base, and team. The company has already revealed some of its inaugural customers, including Metamask, Opensea, Rainbow, and Zerion.
A Common Goal: Protecting Users from Malicious Transactions
The goal of Blockaid and its customers is to protect millions of users from malicious transactions before they occur. Blockaid achieves this by preemptively validating all transactions made through wallets, decentralized applications (dapps), and smart contracts. This approach aims to build trust among users using Web3 applications.
Addressing Security in the Web3 Space
The emerging world of Web3 has seen significant losses due to cybercrime. While there are fewer Web3 users compared to the traditional internet space, the impact of scams and hacks is twice as high. To ensure the future success of Web3, addressing security as a fundamental issue is crucial.
Blockaid claims to provide a layer of security for any blockchain application by scanning every transaction originating from a wallet, interacting with a dapp, or reaching a smart contract. It emphasizes compatibility with all blockchains and highlights its ability to simulate off-chain signatures effectively.
Impressive Results: Scanning Millions of Transactions and Thwarting Attacks
Blockaid boasts impressive results in terms of its security capabilities. In the last three months alone, the company has scanned 450 million transactions, thwarted 1.2 million malicious transactions, and safeguarded $500 million in user funds that would have otherwise been compromised.
An example of Blockaid’s effectiveness is its prevention of a phishing attack through Ethereum co-founder Vitalik Buterin’s compromised Twitter account. The company protected all wallets that had enabled its service.
About Blockaid: Founded by Israeli Military Cyber Intelligence Personnel
Blockaid was founded by two former Israeli military cyber intelligence personnel, Ido Ben-Natan (CEO) and Raz Niv (CTO). The company’s team includes over 20 former Israeli Unit 8200 cyber intelligence personnel. With offices in New York and Tel Aviv, Blockaid aims to be a leading provider of Web3 security solutions.
Hot Take: Ensuring the Security of Web3 for Mass Adoption
The emergence of Web3 brings exciting possibilities for decentralized applications and blockchain technology. However, security concerns pose a significant challenge to its mass adoption. Companies like Blockaid play a crucial role in addressing these concerns by providing robust security solutions. By preemptively validating transactions and protecting users from fraud and hacks, Blockaid contributes to building trust among Web3 users. With its impressive results and compatibility with all blockchains, Blockaid sets itself apart as a leader in the Web3 security space.
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