Blockaid Raises $33M to Revolutionize Web3 Security

Blockaid Raises $33M to Revolutionize Web3 Security

News, Altcoin news

Blockaid Web Security: Fortifying the Crypto Frontier

In a resounding success for the cybersecurity realm, Blockaid, a trailblazing web security startup, has secured a whopping $33 million in funding through two major investment rounds. The company raised $6 million in a seed round, with key contributions from prominent investors like Sequoia Capital, Greylock Partners, and Cyberstarts. Building on this foundation, Blockaid further cemented its financial backing with a remarkable $27 million Series A round, led by Ribbit Capital and Variant.

Breaking the news on October 23, 2023, the company’s co-founder, Ido Ben-Natan, announced Blockaid’s emergence from stealth mode. Founded in September 2022 by Ben-Natan and Raz Niv, both distinguished veterans in Israeli military cyber intelligence, Blockaid specializes in offering cutting-edge web3 security tools. These tools are designed to combat the rising tide of crypto fraud, phishing attacks, and hacks that threaten the integrity of decentralized systems.

What sets Blockaid apart is its unparalleled ability to thoroughly scrutinize both off-chain signatures, particularly EIP-712s, and on-chain transactions. Their sophisticated scanning engine simulates and validates blockchain transactions, enabling the early detection of potential malicious interactions. To date, Blockaid has scrutinized an astounding 450 million transactions, successfully preventing 1.3 million attacks. In doing so, they have saved an impressive $7.1 billion in assets and averted losses exceeding $500 million.

Blockaid’s roster of clients reads like a who’s who in the crypto world, including big names such as MetaMask, OpenSea, Zerion Wallet, and Rainbow Wallet. Their services have proven indispensable, recently exemplified when they thwarted a phishing attack targeting none other than Ethereum co-founder Vitalik Buterin‘s account. Thanks to Blockaid’s swift action, users’ wallets were safeguarded. Unfortunately, wallets without Blockaid’s protection suffered losses totaling around $700,000, including valuable NFTs.

The impact of Blockaid’s innovative web security approach reverberates far beyond individual incidents. It represents a pivotal step forward in safeguarding the dynamic realm of cryptocurrencies and decentralized applications. With their robust funding and unparalleled expertise, Blockaid is well-poised to lead the charge in fortifying the crypto frontier, ensuring a safer and more secure digital landscape for all.

Stay tuned as Blockaid continues its mission to revolutionize web security, one block at a time.

Blockaid, Web3