Crypto News – Web3 security firm Blockaid, based in Israel, said today that it has raised $33 million in its most recent round. Cyberstarts, Sequoia Capital, and Greylock Partners also took part in the round, which was co-led by Ribbit Capital and Variant.
Web3 Security Firm Blockaid Announces Completion of $33 Million Funding Round
Blockaid, a cyber intelligence company founded by former members of Israel’s Unit 8200, has lately come out of stealth mode and announced its first customers, who include well-known companies like Metamask, Opensea, Rainbow, and Zerion. As it strives to address enduring security challenges in the Web3 sector, such as fraud, phishing, and cyberattacks, Blockaid will be able to expand its product line, clients, and workforce with the funds that will be raised.
Soon after starting the company, we got a quick seed investment and started to work with some of the biggest and best companies in the space to solve some of the biggest problems, primarily protecting users from nasty kinds of attacks. Since then, we’ve scanned over 450 million transactions, of which over 1.2 million have been malicious, securing over $500 worth of funds.
Ido Ben Natan, co-founder and CEO of Blockaid
Blockaid Offers Two Different Security Solutions
The security options provided by Blockaid are two. The first is its dApp Scanning Engine, which is in charge of simulating all potential user behaviors in a decentralized application (dApp) and assessing whether these actions, as well as the dApp itself, are dangerous.
The second approach is the dApp Scanning Sandbox, which safely replicates user interactions with a dApp without endangering any user assets. Every Blockaid user will be protected from the dangers posed by this malicious dApp if any transactions within the sandbox are determined to be malicious. As a result, the entire dApp is immediately tagged as bad.
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