Blockaid, an Israel-based Web3 security startup, announced raising $33 million in its latest round with Ribbit Capital and Variant leading the round, with participation from Cyberstarts, Sequoia Capital, and Greylock Partners. This capital injection will be used to expand Blockaid’s product offerings, customer base, and team, all aimed at tackling ongoing security challenges within the Web3 space, such as fraud, phishing, and hacks. Blockaid offers two security solutions; the first is its dApp Scanning Engine, which is responsible for emulating all potential user actions in a decentralized application (dApp) and determining if these actions, as well as the dApp itself, are malicious. The second solution is the dApp Scanning Sandbox, which safely simulates user interactions with a dApp without putting any user assets at risk. Blockaid also revealed its inaugural customers, including Metamask, Opensea, Rainbow, and Zerion. Comparing Blockaid’s detection engine to an antivirus, the CTO said the company’s tech played a crucial role in shielding more than $100,000 in user assets from potential theft during the September incident that saw the Twitter account of the Ethereum co-founder Vitalik Buterin getting compromised and almost $700,000 in user assets stolen. This incident served as further proof that Web3 space can be really risky, something Blockaid is working to fix in order to bring more users to the industry. #Web3 #CryptoSecurity #Blockaid #BlockchainSecurity

You can read more about this topic here: Decrypt: Web3 Security Firm Blockaid Lands $33 Million in Latest Funding

Want more Byte Syze Crypto news?

Invalid email address
We promise not to spam you. You can unsubscribe at any time.