Web3 Security Firm Blockaid Gathers $33M In Funding To Combat Crypto Fraud
The funding will support the enhancement of security measures within the cryptocurrency industry.
Blockaid has partnered with MetaMask and Opensea. The cryptocurrency industry has faced mounting cyber threats, underscoring its vulnerability and driving the need for heightened security measures. In response to the urgency, security firms have taken bold strides to fortify the industry’s resilience and safeguard investors from the persisting perils.Web3 Firm Blockaid Tackles Industry Threats, Secures Millions in FundingOn October 23, New York-based Web3 Security firm Blockaid announced the completion of a two-round fundraising series A and B, securing $33 million.
Co-founded by two former Israeli military cyber intelligence personnel, Ido Ben-Natan and Raz Niv, Blockaid aims to strengthen industry protection by building a security layer that identifies and blocks malicious wallets. The security layer DeFi app will scan every crypto transaction and interact with smart contracts to protect investors from the “never-ending” threats of cyber fraud, phishing scams, and hacks.In a tweet, Ben-Natan stated, “Over the past 6 months, we’ve scanned over $450M transactions, prevented $1.2M malicious transactions, secured $500M of user funds that could have been compromised, and protected over $7B in assets.”
Furthermore, Blockaid is compatible with all blockchain networks in the industry, and the firm is already in partnership with MetaMask and Opensea.The fundraising series was led by venture capital firms Variant Fund and Rabbit Capital and saw investments from industry players, including Sequoia Capital and Greylock Partners.Read more on the growing cyber threats in the cryptocurrency industry and the need for bolstered security: