Blockchain Security Specialist Blockaid Successfully Acquires $50 Million in Series B Funding, Guided by Ribbit Capital
In the rapidly evolving world of blockchain, the need for robust security measures has never been more critical. Blockaid, a leading Web3 security firm, is stepping up to the challenge with an advanced on-chain security platform designed to protect blockchain users from various malicious activities.
The platform, which incorporates direct wallet and decentralized application (dApp) integrations, offers end-user protection, real-time monitoring, detection, and response capabilities for smart contracts, blockchain infrastructure, and externally owned accounts (EOAs). It also boasts specialized fraud detection and institutional safeguards, making it a trusted choice for both crypto-native companies and traditional institutions venturing into blockchain.
Blockaid's impact in the blockchain industry is undeniable. The firm has secured over $101 billion in digital assets under protection, prevented more than $5.3 billion in potential losses, scanned over 2.4 billion transactions, protected more than 787 million dApp connections, and detected and blocked over 71 million cyberattacks targeting blockchain interactions.
The recent $50 million Series B funding round, led by Ribbit Capital, will help Blockaid advance its capabilities and expand its reach. The company plans to use the fresh capital to expand operations and R&D to keep up with demand.
Blockaid's mission is to ensure secure on-chain interactions by default, and its growth and trust from major on-chain companies reflect its strong market presence and industry validation. Some of its biggest blockchain partners include Coinbase, Metamask, Stellar, Uniswap, and World App.
According to co-founder and CEO Ido Ben-Natan, Blockaid's role in the blockchain space is to secure on-chain transactions from threats posed by advanced actors and nation-states. The firm's approach, Ben-Natan suggests, is more proactive in nature, contrasting with early solutions that focused primarily on catching criminals after the fact.
Blockaid's goal is to become the cybersecurity of choice for Fintechs like Stripe and institutions like J.P. Morgan, Fidelity, and UBS as they continue to scale their blockchain initiatives. The funding round also attracted participation from Google Ventures, Variant, and Cyberstarts.
Blockaid emerged from stealth in October 2023, having previously raised $6 million in a seed round and $27 million in a Series A round. This Series B round brings the total raised by Blockaid to $83 million.
However, it's important to note that the statement does not provide new information about the total assets secured or potential losses prevented by Blockaid. Despite this, it's clear that Blockaid is making significant strides in securing the blockchain space, positioning itself as a critical player in the Web3 ecosystem.
- Blockaid, a leader in Web3 security, has secured a $50 million Series B funding round, led by Ribbit Capital, to advance its on-chain security platform and expand its reach.
- With its advanced platform, Blockaid protects over $101 billion in digital assets, detects and blocks over 71 million cyberattacks, and has prevented more than $5.3 billion in potential losses.
- Aiming to become the go-to cybersecurity solution for Fintech companies and traditional institutions in the finance and technology sectors, Blockaid partners with major blockchain players like Coinbase, Metamask, and Uniswap.
