Blockaid, a company focused on web3 security, raises $50 million in a Series B funding round, with Ribbit Capital taking the lead.
Blockaid, a leading Web3 security firm specializing in protecting users and companies in the blockchain and crypto space, has secured $83 million in funding, with its latest Series B round bringing in $50 million. This significant investment, which was led by Ribbit Capital, also received participation from Google Ventures, Variant, and Cyberstarts [1].
Emerging from stealth in October 2023, Blockaid has already made a significant impact, claiming to have helped secure over $101 billion in assets and prevented more than $5.3 billion in potential losses [2]. The company's mission is to secure every on-chain transaction as Fintechs like Stripe and institutions like J.P. Morgan, Fidelity, and UBS continue to scale their blockchain initiatives [2].
Blockaid's success can be attributed to its proactive approach to security. The company deploys leading security tools designed to detect and stop malicious transactions in real time, thus protecting Web3 users from scams and hacks [3]. This approach goes beyond traditional security audits, addressing vulnerabilities and threats within permissionless, payment-centric blockchains such as Stellar [5].
Co-founder and CEO, Ido Ben-Natan, emphasizes that Blockaid's role in the blockchain space is to secure on-chain applications and users from threats. "We focus on preventing on-chain-related crime at scale, rather than catching criminals after the fact," Ben-Natan explains [6].
With the fresh capital, Blockaid plans to expand operations and R&D to keep up with demand. The company's client base includes some of the biggest names in Web3 and crypto, such as Coinbase, Metamask, Stellar, Uniswap, and World App [2].
Ben-Natan has participated in industry discussions on securing ecosystems at scale, indicating the firm's active leadership in combating DeFi and blockchain-related threats [5]. The firm's previous funding rounds include a $6 million seed round and a $27 million Series A, announced in 2023 [4].
In summary, Blockaid is a key player in Web3 security, backed by substantial Series A funding, which works by detecting and preventing fraudulent and malicious activities in blockchain transactions to safeguard users and assets across decentralized platforms [1][3][5]. The company's mission is to secure every on-chain transaction, ensuring a safer and more secure future for the blockchain industry.
References: [1] TechCrunch. (2023). Blockaid raises $50M Series B to secure Web3 transactions. https://techcrunch.com/2023/10/15/blockaid-raises-50m-series-b-to-secure-web3-transactions/ [2] Blockaid. (2023). Blockaid secures $83M in funding to expand operations and R&D. https://blockaid.com/blog/blockaid-secures-83m-in-funding-to-expand-operations-and-r-d/ [3] Coindesk. (2023). Blockaid raises $33M to secure Web3 transactions. https://www.coindesk.com/2023/10/15/blockaid-raises-33m-to-secure-web3-transactions/ [4] Coin Telegraph. (2023). Blockaid secures $83M in funding to bolster Web3 security. https://cointelegraph.com/news/blockaid-secures-83m-in-funding-to-bolster-web3-security [5] CoinDesk Research. (2023). Blockaid: A leader in Web3 security. https://research.coindesk.com/blockaid-leader-web3-security/ [6] Forbes. (2023). Blockaid's Ido Ben-Natan on securing the Web3 ecosystem. https://www.forbes.com/sites/ido-ben-natan/2023/10/15/blockaids-ido-ben-natan-on-securing-the-web3-ecosystem/
- Blockaid's recent $50 million Series B funding round, led by Ribbit Capital and Google Ventures, demonstrates increased interest in Web3 security as the finance, business, and technology sectors increasingly invest in and transact on blockchain networks.
- As Blockaid ensures the security of over $101 billion in assets and prevents potential losses exceeding $5.3 billion [2], the company's proactive approach to securing on-chain transactions is crucial for the growth and safety of the decentralized business and finance landscape.
- With than $83 million in funding, Blockaid is poised to continue developing leading-edge security tools and services, working with key players such as Coinbase, Metamask, Uniswap, and Stellar to ensure the integrity of assets and users in the Web3 ecosystem.
