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Web3 Security Firm Blockaid Raises $27M to Help Tackle Industry's 'Never-Ending' Challenges
Blockaid claims to have scanned 450 million transactions, thwarted 1.2 million malicious transactions and safeguarded $500 million in user funds in the last three months .
Updated Oct 23, 2023, 11:00 a.m. Published Oct 23, 2023, 11:00 a.m.
Blockaid, a Web3 security company used by firms like Metamask and Opensea, has raised a $27 million Series A led by Ribbit Capital and Variant.
The round also saw participation from Cyberstarts, Sequoia Capital and Greylock Partners.
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The New York and Tel Aviv-based company said it would use the funding to scale its product, customer base and team to address the industry’s security challenges, which it described as “never-ending” in an emailed announcement on Monday.
Blockaid offers a security layer that can scan every transaction from a wallet or interact with a decentralized app (dApp) or a smart contract and is compatible with any blockchain network. The firm claims to have scanned 450 million transactions, thwarted 1.2 million malicious transactions and safeguarded $500 million in user funds that would have been otherwise compromised in the last three months alone.
Nearly $700 million was lost across 184 incidents in Q3 of 2023, more than the entire first half of the year ($633 million), according to blockchain security firm Certik, highlighting the scale of the challenge in tightening security for Web3 projects and applications.
Read More: DraftKings' Billionaire-Backed Crypto Analytics Firm CoinScan Raises $6.3M
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