Shield, a Web3 security company, announced on Thursday that it had raised $2.1 million in pre-seed funding to create an industry standard that protects consumers and companies from potential dangers.
Shield Receives Pre-Seed Funding of $2.1M
The company’s funding round included participation from Kraken Ventures, Eterna Capital, Alchemy, MoonPay, and Rob Behnke, CEO of crypto security company Halborn. The company is also a participant in a16z’s Crypto Startup School. The funding announcement was made in a tweet from the platform’s official Twitter account.
The company’s CEO and co-founder, Emmanuel Udotong, stated that the company seeks to create an industry standard for enterprises operating securely in the Web3 environment.
What does Shield Offer?
The company begins with a certification procedure that aids firms in identifying their weaknesses before making product recommendations to protect users. Currently, the company provides a Discord bot to track fraudulent activity in communities and an API to help identify potential frauds within a protocol.
According to Isaiah Udotong, co-founder of Shield and chief operating officer of the company, much of the security required for Web3 is a result of issues that consumers in the early days of the internet faced.
“In the early 2000s e-commerce scammers were stealing credit card details from people when they were entering credit cards to buy products online. That problem was solved with a secure sockets layer (SSL), and that’s what we’re doing in 2023 – we’re building a scam-free layer for crypto.”
Udotong
Current Status of Shield
Shield’s chief technology officer, Luis Carchi, claims that numerous products must be used by the organization to ensure Web3 enterprises are protected due to the complexity of Web3 security.
“We aren’t trying to be ‘the Chrome extension,’ or ‘the Discord bot. We’re actually thinking about this from a full-stack point of view, and we’re being as holistic as possible.”
Carchi
The entertainment firm Fox Sports, the NFT marketplace Rarible, and the token-gated infrastructure platform Guild.xyz are among the clients of Shield, which already has over 350,000 users.
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