Blockaid Raises $33 Million to Bolster Blockchain Security and Protect Users

By 0xK2 10/23/23 2:27 PM

Blockchain security startup, Blockaid, has made headlines with the announcement of a successful Series A funding round that secured an impressive $33 million. The funding will be pivotal in the company’s quest to scale its innovative technology aimed at preventing malicious transactions within the blockchain space. This significant achievement positions Blockaid as a promising player in the blockchain security industry.

The Series A funding round was led by major industry venture capital firms, and the list of participants reads like a who’s who of the blockchain investment world. The round was spearheaded by Ribbit Capital, known for its involvement with cryptocurrency exchange Coinbase, and Variant, an early-stage venture capital firm with a focus on innovative tech startups. Joining them were heavyweights like Sequoia Capital, Cyberstarts, and Greylock Partners.

Blockaid’s funding news, announced on October 23, is more than just a monetary milestone. It marks the emergence of their security platform from stealth mode, showcasing their dedication to making blockchain transactions safer for users.

*Blockaid founders, Ido Ben-Natan (left) and Raz Niv (right). Source: Blockaid*

Among the noteworthy highlights is Blockaid’s partnership with industry giants, which includes the MetaMask cryptocurrency wallet, OpenSea marketplace, Rainbow wallet, and Zerion wallet. These partnerships underscore Blockaid’s strategic approach in collaborating with well-established platforms and its aim to provide robust security solutions for Web3 applications. This focus on safeguarding users from malicious transactions is a much-needed step in a crypto space marred by scams and hacks.

One of Blockaid’s significant collaborations was revealed earlier in April 2023 when MetaMask, in association with Blockaid and OpenSea, embarked on an experiment to enhance user safety. The experimental feature was designed to alert users when they interacted with “known scams.” Users who chose to opt-in to this feature were given access to OpenSea’s blocklist of known scams, in addition to Blockaid’s analytical capabilities to detect malicious behaviors such as signature farming and wallet draining.

The newly secured funding will empower Blockaid to further develop and scale its blockchain security offering. This move will play a crucial role in bolstering the industry’s resilience against hacks and scams. With its roots in Israel and founded in 2022 by alumni of Unit 8200, which is renowned as the largest unit in the Israel Defense Forces, Blockaid is primed to be compatible with any blockchain network.

What sets Blockaid apart is its ability to detect malicious decentralized applications while fully simulating off-chain signatures (EIP-712s). This advanced technology positions the company as a significant player in the realm of blockchain security.

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