Blockaid Nets $33M Investment to Bolster Blockchain Security

Blockaid recently announced a significant financial boost of $33 million

Blockaid, a burgeoning blockchain security firm, recently announced a significant financial boost of $33 million, underlining robust confidence in its mission to halt malevolent transactions in their tracks. As a close ally of the reputable MetaMask cryptocurrency wallet, this latest influx of capital is a vote of confidence, propelling Blockaid closer to its goal of rendering blockchain transactions safer across the board.

This notable Series A funding round witnessed participation from distinguished venture capital entities like Ribbit Capital, a known ally of Coinbase, and Variant, an early-stage venture stalwart. Other prominent investors rallying behind Blockaid included Sequoia Capital, Cyberstarts, and Greylock Partners, further cementing the startup’s standing in the blockchain security realm.

Emerging from stealth mode, Blockaid is primed to roll out its security apparatus with the backing of inaugural clients such as MetaMask, OpenSea marketplace, Rainbow wallet, and Zerion wallet. This collaborative endeavor is geared towards forging a fortified security framework for Web3 applications, an initiative poised to significantly diminish the threat of malicious transactions to users.

Earlier in April 2023, MetaMask had unveiled a collaboration with Blockaid and OpenSea, aimed at developing a pioneering feature to alert users about potential scams, enhancing overall security.

The freshly secured funds are earmarked for amplifying Blockaid’s security solutions, a move aligned with thwarting hacks and scams plaguing the industry. Conceived in 2022 by alumni of Unit 8200 of the Israel Defense Forces, Blockaid’s platform is engineered for seamless integration with diverse blockchain networks. Its robust security mechanism is adept at identifying rogue decentralized applications and adeptly simulating off-chain signatures, showcasing a notable advancement in mitigating fraudulent activities.

Blockaid’s CEO, Ido Ben-Natan, underscored the firm’s accomplishments, revealing a remarkable record of scrutinizing 450 million transactions over a trimester, intercepting 1.2 million malicious attempts, and preserving a whopping $500 million of user funds from potential jeopardy.

Consensys managing director Dror Avieli noted that Blockaid’s efforts have been instrumental in diminishing fund loss incidents in MetaMask, marking a significant stride towards a more secure Web3 environment for users and developers alike.

Source: https://cointelegraph.com/news/blockaid-secures-33-million-funding 

Image: https://unsplash.com/photos/data-center-administrator-sitting-on-haunches-before-server-rack-and-writing-report-on-his-laptop-GW2l7nMWOGI 

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