Blockaid Secures $33M Funding to Boost Blockchain Security and Thwart Malicious Transactions
Summary:
Blockchain security startup Blockaid has raised $33 million in Series A funding led by notable firms including Ribbit Capital and Variant. The newly acquired capital will support the scaling of Blockaid's technology, initially serving customers like MetaMask, OpenSea, and Zerion. The platform, which scans and prevents malicious transactions, aims to enhance blockchain network security. The startup claims that over the past three months, its tools have scanned 450 million transactions, prevented 1.2 million harmful transactions, and safeguarded $500 million in user funds.
In an effort to expand its blockchain security technology aimed at preventing harmful transactions, Blockaid, a startup in the blockchain security industry and MetaMask cryptocurrency wallet associate, recently secured a funding amount of $33 million. The Series A funding round was spearheaded by leading venture capital giants in the industry. These included Ribbit Capital, an investor in Coinbase, and the early-stage funding firm, Variant. Other contributors to the funding included Cyberstarts, Greylock Partners, and Sequoia Capital.
October 23 saw an announcement from Blockaid revealing its plans to launch its security platform from stealth mode. Their initial customers will include the OpenSea marketplace, the Zerion wallet, the Rainbow wallet, and MetaMask. The startup has created a strategic alliance with an aim to offer security solutions for Web3 apps along with protection for users against harmful transactions.
Blockaid in collaboration with OpenSea and MetaMask was reported to have commenced work in April 2023 on a trial feature. This feature was meant to notify users about the presence of “known scams”. It was confirmed that suitable users will greatly benefit from OpenSea’s blacklist of known scams, along with Blockaid’s analysis of harmful activities like wallet draining and signature farming.
The aim of the recent funding is to assist Blockaid in scaling up its blockchain security platform and improve resistance to scams and hacks in the industry. Unveiled in 2022 by alumni of Unit 8200, which is the biggest unit in the Israel Defense Forces, Blockaid is developed to be compatible with any type of blockchain network. The security solution offered by Blockaid can also detect pernicious decentralized apps and can fully simulate off-chain signatures (EIP-712s).
The platform by Blockaid safeguards users from fraud, phishing, and hack attempts according to Blockaid co-founder and CEO Ido Ben-Natan. He also added their security platform has scanned 450 million transactions in the past three months. Over the same period, 1.2 million harmful transactions were prevented and $500 million of user funds were safeguarded from likely compromise.
The executive reiterated that their unique architecture allows Blockaid to improve with each transaction and ensures developers can focus on creating excellent products without needing to constantly worry about security.
Similar sentiments were echoed by Dror Avieli, Consensys managing director, who stated the reduction of fund loss cases seen in MetaMask was a Blockaid-led, Consensys-wide initiative. He mentioned, that with the help of Blockaid, their team has been able to achieve things they never thought were possible and users now enjoy a level of security that is higher than ever in Web3.
Published At
10/23/2023 11:00:00 AM
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