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Blockaid Emerges From Stealth
Blockaid, secures a robust $33 million in funding, underscoring its commitment to fortifying blockchain security landscapes.
Blockaid, a blockchain security startup and crucial partner to the MetaMask cryptocurrency wallet, has successfully procured $33 million to enhance its proprietary technology that thwarts malicious transactions. The Series A investment round saw participation from heavyweight venture capital entities such as Ribbit Capital, known for its Coinbase investments, and the burgeoning VC firm, Variant. Additional contributors to this funding endeavor encompass Sequoia Capital, Greylock Partners, and Cyberstarts.
The announcement on Oct 23 shed light on Blockaid's emergence from stealth mode, highlighting its inaugural clientele, which includes not only MetaMask but also the OpenSea marketplace, the Zerion wallet, and the Rainbow wallet. This ensemble signifies Blockaid's strategic alliance dedicated to fortifying Web3 applications against malevolent transactions.
MetaMask And Blockaid: A Protective Collaboration
Blockaid, known in the blockchain sector as a security startup and a key partner of the MetaMask cryptocurrency wallet, has successfully secured a funding of $33 million. This infusion is intended to amplify its pioneering technology, which targets the deterrence of malevolent transactions. The Series A round of funding drew attention and participation from prominent venture capital entities, Ribbit Capital, a renowned investor in Coinbase, and the budding VC firm, Variant. Established names like Sequoia Capital, Greylock Partners, and Cyberstarts also bolstered the financial pot.
In an announcement made on Oct. 23, Blockaid revealed its inaugural clientele as it transitioned out of stealth mode. Apart from MetaMask, this list boasts esteemed names like the OpenSea marketplace, the Rainbow wallet, and the Zerion wallet. This collaboration signifies Blockaid's commitment to ensuring the security of Web3 applications and their users from harmful transactions.
Users that opt in to the feature will benefit from OpenSea’s blocklist of known scams, as well as Blockaid’s analysis of malicious behaviors like signature farming and wallet draining.
A Comprehensive Security Solution
Tracing its roots back to 2022 and founded by veterans of Unit 8200, Israel Defense Forces' most extensive unit, Blockaid promises compatibility across any blockchain network. Its security measures are adept at pinpointing rogue decentralized applications and adeptly simulating off-chain signatures, known as EIP-712s.
A Bright Future Ahead
Ido Ben-Natan, Blockaid's co-founder and CEO, elaborated on the startup's accomplishments, emphasizing the scanning of an impressive 450 million transactions in a mere three-month window. He pointed out Blockaid’s role in preventing 1.2 million harmful transactions, thereby conserving $500 million in user funds that could have been jeopardized.
"By proactively preventing malicious actions through our unique architecture, Blockaid improves with every transaction, enabling developers to build great products without having to worry about security," Ben-Natan stated.
Adding to the chorus of endorsements, Consensys managing director, Dror Avieli, highlighted Blockaid's pivotal role in curbing fund loss incidents within MetaMask. Avieli praised Blockaid's contributions, noting, "Blockaid has pushed our team to heights we didn’t know possible and continues to enable us to make users more secure than they have ever been in Web3".
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