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Professor Ronghui Gu, CertiK co-founder, noted that the capital will go a long way in advancing blockchain security.
Blockchain security startup CertiK announced the completion of Series B funding round with $37 million raised. According to the company through a blog post on its official website, the just-completed funding round was led by Coatue Management, Shunwei Capital, and Coinbase Ventures. Notably, the three joined a list of existing investors including Binance, IDG, Lightspeed Venture Partners, and Lenovo.
In a note through the press release, Professor Ronghui Gu, CertiK co-founder, noted that the capital will go a long way in advancing blockchain security.
“The power of blockchain boils down to the power of the people. We’re proud to advance transparency in the space by providing the tools and resources – including our official audit reports – so the community can make sense of vital security information,” Gu noted.
Thanks to the increased crypto demand globally from both retail and institutional investors, the CertiK team has more than doubled since the beginning of 2020. Additionally, the firm has indicated it sees no signs of retrogression.
The company has been a leading firm in security auditing services since its inception. The company has also diversified into other crypto services that will eventually make the industry much more receptive.
“We’ve created a ‘closed-loop’ solution to blockchain security which includes Skynet – a 24/7 monitoring service which leverages on and off-chain data to provide real-time security insights. Additionally, the on-chain insurance alternative, CertiKShield, enables you to protect your funds from unexpected thefts,” CertiK noted in the announcement.
According to a post published by Yogita Khatri on The Block, the just concluded CertiK funding round is the largest single fundraising in the entire crypto space. This shows the magnitude of the company in relation to the crypto industry. Moreover, it is backed by renowned crypto investors that have successfully ventured into leading DeFi platforms.
CertiK Funding and Cryptocurrency Market
The just-concluded CertiK series B funding comes at a time when the crypto market is on a verge of an imminent breakout. However, the breakout is not clear in leading digital assets but some small-cap crypto assets have already rallied to a new all-time high.
As a blockchain security firm, CertiK views itself as a pivotal role player, particularly in regard to the crypto future. Notably, it has helped secure over $30 billion for over 500 clients since its inception.
Additionally, the platform has secured over 396k lines of code, according to statistics provided on its website.
As the cryptocurrency industry grows, the need for security providers will surge, thus providing a market for the firm. Furthermore, blockchain technology has many use cases beyond the cryptocurrency market.