October 23, 2023 at 04:12PM
Blockchain security startup Blockaid has announced a successful emergence from stealth mode with a $33 million Series A investment. The company has developed technology to secure blockchain applications from hacks and scams, and has already blocked over 1.2 million malicious transactions, protecting over $500 million in user funds. The investment will be used to scale the company’s products and expand its customer base.
Key Takeaways from the Meeting Notes:
– Blockaid, a blockchain application security startup, has announced that it has secured a $33 million Series A investment.
– The financing round was led by Ribbit Capital and Variant, with additional investment from Cyberstarts, Greylock Partners, and Sequoia Capital.
– Blockaid, founded in 2022, is focused on developing technology to secure blockchain applications from hacks and scams.
– They aim to prevent fraud, hacks, and phishing attacks by using their technology to scan, simulate, and validate transactions before execution.
– Blockaid has already partnered with wallets and dApps like MetaMask, OpenSea, Rainbow, and Zerion.
– Over the past three months, they have blocked over 1.2 million malicious transactions, safeguarding over $500 million in user funds.
– The company’s product is compatible with all blockchain networks and can simulate both off-chain signatures and on-chain transactions effectively.
– Blockaid plans to use the new investment to scale their products and team, as well as expand their customer base.
– In related news, other companies in the fraud prevention and encryption-in-use technology sectors have also recently raised significant funding.