Thursday, April 18, 2024

In a significant boost for web3 cybersecurity, Israel-based startup Blockaid has secured $33 million in a funding event that included both seed and Series A rounds. The fresh capital will be deployed to combat escalating threats in the burgeoning web3 industry.

Two-Stage Funding Sets Blockaid on Growth Path

Blockaid’s successful funding venture was a two-tiered affair, beginning with a seed round that brought in $6 million from leading venture capitalist firms like Cyberstarts, Sequoia Capital, and Greylock Partners. 

This was followed by a more substantial Series A round that secured $27 million. Ribbit Capital and Variant co-led the Series A round, with participation from the VC heavyweights who were involved in the seed round. This two-stage funding serves as a powerful endorsement for Blockaid’s mission to elevate web3 cybersecurity.

Blockaid’s Expertise Rooted in National Security

Founded just over a year ago by Ben Natan and Raz Niv, former members of the Israeli military’s network intelligence department, Blockaid brings a high level of expertise to the web3 cybersecurity space. Both founders have had notable careers in cybersecurity, even collaborating with the Israeli Prime Minister’s office. 

The recently secured funding will be funneled into expanding the startup’s offerings, customer reach, and team. Blockaid aims to tackle the growing cybersecurity challenges in the industry by offering a robust security layer that scans every transaction.

This covers wallet activities, decentralized applications (dApps), and smart contracts, all while maintaining compatibility across various blockchain networks.

A Timely Response to Growing Web3 Security Risks

In an era where web3 cyberattacks are not just potential threats but daily occurrences, Blockaid positions itself as an essential guard against malicious actors. Just last month, Ethereum co-founder Vitalik Buterin became a high-profile victim when his Twitter account was hacked, resulting in a million-dollar scam within an hour. Instances like this underscore the pressing need for robust web3 cybersecurity solutions. 

Blockaid is dedicated to closing this security gap in the emerging web3 ecosystem. By offering a comprehensive security layer that scrutinizes every transaction across multiple blockchain networks, the startup aims to become the go-to solution for preventing similar attacks.

With a sizable funding round now backing its ambitious plans, Blockaid is poised to make significant strides in making the web3 landscape safer for everyone involved.

In the third quarter of 2023 alone, a staggering $700 million was lost in 184 separate incidents, surpassing losses for the entire first half of the year, according to blockchain security firm Certik. As the threat landscape in the web3 ecosystem continues to evolve, Blockaid emerges as a vanguard, offering state-of-the-art security solutions tailored for this new frontier.

Boasting a robust security layer compatible with any blockchain network, Blockaid isn’t just an idea on paper; it has tangible results to back its efficiency. In just the last three months, the startup has scanned over 450 million transactions, thwarted 1.2 million malicious attempts, and protected a whopping $500 million in user assets.

This impressive track record only solidifies Blockaid’s pivotal role in shaping a safer web3 environment as it scales its offerings following the recent funding.

As the company navigates a tense political backdrop marked by recent hostilities between Israel and Hamas, it remains focused on advancing cybersecurity measures. Co-founder Ben-Natan explains the unique features of Blockaid’s technology, stating,

Before any blockchain transaction goes through, we pre-check it for legitimacy. Our specialized dApp Scanning Engine runs every potential user interaction with any dApp in a controlled environment to assess whether the dApp or the actions could be harmful.

crypto & nft lover

Johnathan DoeCoin

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