Blockaid Raises $33M in Funding to Strengthen Blockchain Security

Blockaid Raises $33M in Funding to Strengthen Blockchain Security

UTC by Benjamin Godfrey · 3 min read
Blockaid Raises $33M in Funding to Strengthen Blockchain Security
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Blockaid’s primary objective is to protect users from a range of security threats, including fraud, phishing, and hacking.

Blockaid, a blockchain security startup, and partner of the popular MetaMask crypto wallet has secured $33 million in a Series A funding round, led by prominent industry venture capital firms, including Coinbase investor Ribbit Capital and early-stage VC firm Variant. Other participants in the funding round included Sequoia Capital, Cyberstarts, and Greylock Partners.

The Blockaid $3 Million Boost

Blockaid’s recent funding round through which it raised an impressive $33 million, speaks to the confidence and enthusiasm of investors in the company’s mission. The injection of capital will allow Blockaid to further enhance its blockchain security offerings, aiming to fortify the industry’s defenses against hacks and scams.

Founded in 2022 by alumni of Unit 8200, the largest unit in the Israel Defense Forces, Blockaid was designed to be compatible with any blockchain network. Its innovative security solution can detect malicious decentralized applications and fully simulate off-chain signatures (EIP-712s). This unique approach has earned them recognition and praise in the crypto security space.

Blockaid’s primary objective is to protect users from a range of security threats, including fraud, phishing, and hacking. Ido Ben-Natan, co-founder and CEO of Blockaid, emphasized the efficacy of its security platform, stating that it has scanned an impressive 450 million transactions in the past three months alone.

Ben-Natan further revealed that Blockaid had successfully thwarted 1.2 million malicious transactions, preserving a staggering $500 million in user funds that could have otherwise been compromised. He highlighted the proactive nature of their approach, indicating that “Blockaid improves with every transaction, enabling developers to build great products without having to worry about security.”

Consensys Managing Director Dror also praised Blockaid’s efforts in elevating security standards. He noted that Blockaid has pushed their team to new heights, enabling them to make users more secure in the Web3 environment than ever before.

Blockaid’s Partnerships and Stealth Mode Unveiled

Meanwhile, Blockaid’s security platform is emerging from stealth mode with several inaugural customers, including its strongest ally, MetaMask, OpenSea, the Non-Fungible Token (NFT) trading platform, the Rainbow wallet, and the Zerion wallet. This strategic partnership signifies a concerted effort by the team to provide comprehensive security solutions for Web3 applications and to protect users from malicious transactions.

One particularly noteworthy collaboration between Blockaid, MetaMask, and OpenSea was announced in April 2023. The partnership introduced an experimental feature aimed at warning users when they interacted with “known scams”. Users who opted into this feature could benefit from OpenSea’s blocklist of known scams, as well as Blockaid’s analysis of malicious behaviors like signature farming and wallet-draining.

The significant funding Blockaid has secured, coupled with its partnerships with key players in the crypto industry, underscores the growing importance of blockchain security. As the crypto space continues to expand and evolve, the need for robust security measures becomes increasingly pressing.

Blockchain News, Business News, Cryptocurrency News, News
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