Blockaid, a Web3 security company used by firms like Metamask and Opensea, has raised a $27 million Series A led by Ribbit Capital and Variant.
The round also saw participation from Cyberstarts, Sequoia Capital and Greylock Partners.
The New York and Tel Aviv-based company said it would use the funding to scale its product, customer base and team to address the industry’s security challenges, which it described as “never-ending” in an emailed announcement on Monday.
Blockaid offers a security layer that can scan every transaction from a wallet or interact with a decentralized app (dApp) or a smart contract and is compatible with any blockchain network. The firm claims to have scanned 450 million transactions, thwarted 1.2 million malicious transactions and safeguarded $500 million in user funds that would have been otherwise compromised in the last three months alone.
Nearly $700 million was lost across 184 incidents in Q3 of 2023, more than the entire first half of the year ($633 million), according to blockchain security firm Certik, highlighting the scale of the challenge in tightening security for Web3 projects and applications.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.