Blockaid, a startup that offers security solutions for Web3 applications, has announced that it has raised $33 million in a Series A funding round led by Ribbit Capital, a venture capital firm that invests in fintech and crypto companies.
Introducing Blockaid, a leader in web3 cybersecurity that provides security tools to web3 builders that protect users from scams, phishing, and hacks.https://t.co/VydtVjZA2j
— Blockaid (@blockaid_) October 23, 2023
The funding round also included participation from other prominent investors, such as Variant, Sequoia Capital, Cyberstarts, and Greylock Partners. Blockaid said it will use the funds to scale its technology and expand its team.
Blockaid Emerges from the Shadows Thanks to Massive Fundraising
The company was founded in 2022 by former members of Unit 8200, the elite cyber unit of the Israel Defense Forces. The startup aims to protect users from fraud, phishing, and hacks on any blockchain network by detecting and preventing malicious transactions.
Blockaid has partnered with some of the leading Web3 platforms, such as MetaMask, OpenSea, Rainbow, and Zerion. These platforms use Blockaid’s security platform to warn users when they interact with known scams or suspicious decentralized applications (DApps).
Blockaid’s technology can also simulate off-chain signatures (EIP-712s), which are used by many DApps to request user permissions. Blockaid can analyze these signatures and alert users if they are being exploited by malicious actors.
According to Blockaid, its security platform has scanned over 450 million transactions in the past three months and thwarted 1.2 million malicious transactions. The startup claims that it has safeguarded $500 million in user funds that would have been otherwise compromised.
Ido Ben-Natan, co-founder and CEO of Blockaid, said that the startup is on a mission to make Web3 safer and more accessible for everyone. He added that Blockaid improves with every transaction and enables developers to build great products without having to worry about security.
Dror Avieli, managing director of Consensys, the parent company of MetaMask, said that reducing fund loss incidents in MetaMask is a Consensys-wide initiative that has been spearheaded by Blockaid. He praised Blockaid for pushing the team to heights they did not know possible and making users more secure than they have ever been on the web.
