Fire, a project created to prevent fraud in the cryptocurrency industry, announced that it had received an investment of 3.5 million dollars!
Fire Receives 3.5 Million Investment
According to a statement made by Fire, which has a mission to prevent crypto-based scams, the company raised a total of USD 3.5 million in an investment round led by Atomic.
Fire, a browser extension that aims to prevent crypto fraud, is essentially a solution to a problem that has plagued the crypto industry for years. Scam stories, which we have seen countless examples of in the past, have not only harmed many people but also badly affected new entrants to this field. According to research by Chainanlysis, malicious actors made a total of 5.9 billion dollars in unfair profits in 2022. This is enough to be a significant problem for the crypto industry.
Details
Launched in October, Fire claims to have more than 50,000 users, with 50% of them active monthly as of April. The company is currently scanning Ethereum, Polygon, Optimism, and Arbitrum-based wallets.
As of today, the startup does not generate any revenue and sees this as a customer acquisition strategy. But of course, this will change in the future.
Fire CEO Jeff Krantz said: “That’s why we’re excited about actually being the wallet itself. It allows us to get a lot more control and add a lot more simplicity and safety for the user.”
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