Blockaid’s primary goal is to protect users from a variety of security threats, including fraud, phishing, and hacking.
Blockaid, a blockchain security startup and partner of the popular MetaMask crypto wallet, has insured $33 million in a Series A funding round, led by prominent industry venture capital firms including Coinbase investor Ribbit Capital and early-stage venture capital firm Variant. Other participants in the financing round included Sequoia Capital, Cyberstarts and Greylock Partners.
Blockaid’s $3 Million Boost
Blockaid’s recent funding round through which it raised an impressive $33 million speaks to investors’ confidence and enthusiasm in the company’s mission. The capital injection will allow Blockaid to further enhance its blockchain security offerings, with the goal of strengthening the industry’s defenses against attacks and scams.
Founded in 2022 by alumni of Unit 8200, the largest unit in the Israel Defense Forces, Blockaid was designed to be compatible with any blockchain network. Its innovative security solution can detect malicious decentralized applications and fully simulate off-chain signatures (EIP-712). This unique approach has earned them recognition and praise in the crypto security space.
Blockaid’s primary goal is to protect users from a variety of security threats, including fraud, phishing, and hacking. Ido Ben-Natan, co-founder and CEO of Blockaid, emphasized the effectiveness of its security platform, stating that it has scanned an impressive 450 million transactions in the last three months alone.
Ben-Natan further revealed that Blockaid had successfully thwarted 1.2 million malicious transactions, preserving a staggering $500 million in user funds that could have otherwise been compromised. He highlighted the proactive nature of his approach, stating that “Blockaid improves with every transaction, allowing developers to create great products without having to worry about security.”
Dror, CEO of Consensys, also praised Blockaid’s efforts to raise security standards. He noted that Blockaid has taken his team to new heights, allowing them to make users more secure than ever in the Web3 environment.
Blockaid and Stealth Mode Partnerships Revealed
Meanwhile, Blockaid’s security platform is coming out of stealth mode with several inaugural clients, including its strongest ally MetaMask, non-fungible token (nft) trading platform OpenSea, Rainbow wallet, and Zerion wallet. This strategic partnership signifies a concerted effort by the team to provide comprehensive security solutions for Web3 applications and protect users from malicious transactions.
One particularly notable collaboration between Blockaid, MetaMask and OpenSea was Announced in April 2023. The association introduced an experimental feature aimed at warning users when they interacted with “known scams.” Users who opted into this feature could benefit from OpenSea’s blocklist of known scams, as well as Blockaid’s analysis of malicious behavior such as signature farming and wallet draining.
The significant funding that Blockaid has raised, along with its partnerships with key players in the crypto industry, underscores the growing importance of blockchain security. As the crypto space continues to expand and evolve, the need for strong security measures becomes increasingly pressing.
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Benjamin Godfrey is a journalist and blockchain enthusiast who enjoys writing about real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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