Blockaid Secures $50 Million in Series B Funding to Enhance Blockchain Security
Blockaid, a pioneering company in the field of cybersecurity with a focus on blockchain security, has successfully raised $50 million in a Series B funding round aimed at bolstering its research, engineering, and product development efforts. The funding round was spearheaded by Ribbit Capital, with significant contributions from GV and existing investors such as Variant and Cyberstarts.
This influx of capital comes at a time of growing demand for robust blockchain security solutions, as numerous financial institutions and fintech companies are actively increasing their on-chain operations. Founded in 2023, Blockaid previously secured $27 million in a Series A funding round. The company specializes in providing real-time threat detection for blockchain transactions, integrating seamlessly with wallets and decentralized applications (dapps) to protect users from potential threats posed by malicious actors.
In the past year alone, Blockaid’s platform has scanned over 2.4 billion transactions and successfully thwarted 71 million cyber attacks. “While the blockchain itself is inherently secure, the applications built on-chain and the users engaging with them are frequently vulnerable,” stated CEO Ido Ben-Natan in a recent announcement. “This substantial investment will empower us to further advance our machine learning capabilities and broaden our service offerings, allowing us to stay ahead in an increasingly hostile environment filled with evolving threats.”
Blockaid’s comprehensive security network is already trusted by industry leaders including Coinbase, MetaMask, Uniswap, and Stellar. This new investment follows a remarkable surge in blockchain activity, with stablecoin transaction volumes soaring to an impressive $8.5 trillion in the latter half of 2024.
See also: More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid
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