Blockchain security company Blockaid raises $50 million in Series B funding, with Ribbit Capital heading the investment round.
Blockaid, a leading cybersecurity solution, has announced the successful completion of a Series B funding round, raising $50 million. The funding round was led by Ribbit Capital and attracted participation from Google Ventures, Variant, and Cyberstarts [1].
With this new infusion of capital, Blockaid plans to expand its operations and invest in research and development. The company's primary focus remains on securing on-chain transactions for its clients, which include major players in the blockchain and Web3 ecosystem [1].
Blockaid's on-chain security platform offers unmatched visibility into blockchain transactions through direct integrations with widely used Web3 wallets. It also provides internet-wide monitoring to detect and stop threats, such as scams, phishing, and malicious transactions, before they reach users [1][2].
The company's proactive approach to security enhances protection against hacks and fraud in real time. By focusing on preemptively stopping malicious transactions, Blockaid aims to prevent on-chain related crime at scale [1][2].
According to Blockaid's CEO, Ben-Natan, both consumers and organizations face threats from advanced actors and nation-states from the day new blockchain projects launch [1]. As such, the need for robust on-chain security solutions like Blockaid's is more critical than ever.
Blockaid's major blockchain clients include chains, protocols, wallets, exchanges, banks, and digital asset managers. Some of its biggest clients include Coinbase, Metamask, Stellar, Uniswap, and World App [1]. The company has claimed to have secured over $101 billion in assets and prevented more than $5.3 billion in potential losses [1].
As Blockaid emerges from stealth, it aspires to become the cybersecurity solution of choice for Fintechs like Stripe and institutions like J.P. Morgan, Fidelity, and UBS as they scale their blockchain initiatives [1]. With its innovative on-chain security platform, Blockaid is well-positioned to meet the growing demand for secure blockchain solutions.
[1] Blockaid Press Release, [2] Blockaid Website
This article does not contain any new information about Blockaid's plans to use the fresh capital, the amount of funds raised, the assets secured, or the potential losses prevented by Blockaid.
With the recent Series B funding round of $50 million, Blockaid intends to invest further in technology and finance, focusing on Web3 investing and news. To cater to the growing demand for secure blockchain solutions, Blockaid plans to expand its operations, engaging more with major clients in the finance sector such as Fintechs and institutions. As part of its innovative on-chain security platform, Blockaid aims to not only provide security for blockchain transactions but also offer real-time protection against hacks and fraud related to Web3 finance, thus reducing potential losses.
