By George Ward
The prevalence of cyber threats in the crypto industry is increasingly alarming, calling for tighter security measures to curb the sector’s vulnerability. Hence, Web3 security platforms have responded by launching innovative infrastructures through various collaborations.
Blockaid Closes Two Funding Rounds
Blockaid, the New York-based Web3 Security company, celebrated a significant victory after closing two funding rounds. The firm reportedly raised $33 million during the Series A and B funding phases.
Ido Ben-Natan and Raz Niv, both with backgrounds in the Israeli military cyber intelligence, are the minds behind Blockaid. The two individuals collaborated to form a company to improve security in various industries, including cryptocurrency.
Blockaid’s primary goal is to add an extra layer of protection by detecting and blocking malicious wallets in the cryptocurrency ecosystem. Meanwhile, Blockaid plans to expand its reach and impact with the additional funds raised, ultimately making the digital world safer for all users.
The success of this funding round reflects the growing importance of cybersecurity in today’s technologically driven world. Cyber security firms like Blockaid are at the forefront, working tirelessly to stay one step ahead and keep digital spaces secure for all users.
Safeguarding DeFi With Smart Contracts
A side benefit of Blockaid’s innovative security infrastructure for decentralized finance (DeFi) apps is that it will improve confidence in cryptocurrency transactions. It will thoroughly scan each transaction and interact with smart contracts to thwart the ongoing risks of cyber fraud, phishing scams, and hacks.
Ultimately, this helps protect investors’ funds against attacks. Meanwhile, Ben-Natan recently revealed that Blockaid has scrutinized more than $450 million in transactions over the last six months.
Then, he added that the cybersecurity firm had thwarted $1.2 million in malicious transactions, ensuring the safety of $500 million in user funds. The Blockaid co-founder also revealed that the firm has helped protect over $7 billion in valuable assets from potential threats.
Blockaid’s remarkable track record demonstrates its practical and reliable security measures. By implementing these robust defenses, the firm wants investors to perform their crypto transactions confidently.
It also assures them that their assets are shielded from the ever-present dangers of online scams and cyberattacks.
A Versatile Crypto Security Platform
Following its track record, it is no surprise that Blockaid’s reach stretches across all significant blockchain networks, solidifying its position as a leading security provider. The company has formed strategic alliances with industry giants like MetaMask and OpenSea.
Notably, two prominent venture capital firms (Variant Fund and Rabbit Capital) led the recent funding rounds. In addition, the funding phase also attracted investments from industry heavyweights such as Greylock Partners and Sequoia Capital.
Blockaid’s broad partnership reflects a strong belief in its mission to strengthen blockchain security systems. With such significant backing from industry heavyweights, Blockaid is poised to continue its upward trajectory.
The company’s dedication to enhancing digital security has received widespread recognition and sets a new standard for safeguarding users’ crypto assets and transactions in the evolving blockchain technology landscape.
Cyber threats are increasing as the digital currency industry continues to expand. Observers believe that the volume of funds in the sector made it an attractive field for hackers and other malicious actors.