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Galaxy Digital, PayPal Lead $20M Fundraise for Chaos Labs
The startup offers an automatic economic security system and simulation engine for decentralized finance projects.
By Brandy Betz
Updated May 9, 2023, 4:08 a.m. Published Feb 21, 2023, 3:11 p.m.
Chaos Labs, a startup offering an automated economic security system for crypto protocols, has raised $20 million in a seed funding round co-led by Galaxy Digital and PayPal Ventures. The funding is intended to help build out and expand the suite of risk and security products for decentralized finance (DeFi) protocols, according to a press release.
Of the record-setting $3.8 billion in crypto assets stolen by hackers last year, the vast majority came from DeFi protocols, according to a recent Chainalysis report.
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Founded in October 2021, Chaos Labs offers an automated, on-chain risk management platform that provides DeFi protocols with customized automated security monitoring with threat prevention and a simulation engine that helps verify the protocol’s health and stability regardless of current market conditions. The goal is to help DeFi protocols to protect user funds from attacks while also optimizing capital efficiency. Chaos Labs partners have included liquidity protocol Aave, blockchain data provider Chainlink and decentralized exchange Uniswap.
“At Chaos Labs, we believe that every DeFi protocol must regularly conduct robust risk testing to verify and validate that their economic system is secure against hackers and unanticipated volatility,” said Chaos Labs founder and CEO Omer Goldberg in the press release.
Other investors in the round included Hashkey, Coinbase, Uniswap, Lightspeed, Bessemer, and a number of angel investors.
Read more: Crypto Winter Led to 91% Plunge in VC and Other Investments for January
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