MetaMask security partner Blockaid secures $33M funding
Summary
Blockaid, a blockchain security startup and partner of the MetaMask cryptocurrency wallet, has secured $33 million in funding to scale its technology designed to stop malicious transactions.The Series A funding round for Blockaid was led by major industry venture capital firms, including Coinbase investor Ribbit Capital and the early-stage VC firm Variant. The startup has formed a strategic alliance aiming to provide security solutions for Web3 applications and protect users from malicious transactions.MetaMask previously disclosed that it was collaborating with Blockaid and OpenSea in April 2023 to enable an experimental feature that would warn users when interacting with known scams.Users that opt in to the feature will benefit from OpenSeas blocklist of known scams, as well as Blockaids analysis of malicious behaviors like signature farming and wallet draining, the firm said at the time.The latest funding aims to help Blockaid further scale its blockchain security offering to improve the industrys resistance to hacks and scams. Blockaids security solution is also capable of detecting malicious decentralized applications and fully simulating off-chain signatures (EIP-712s).Blockaid protects users from fraud, phishing, and hacks, Blockaid co-founder and CEO Ido Ben-Natan said, adding that its security platform scanned 450 million transactions in the past 3 months. He added that Blockaid thwarted 1.2 million malicious transactions and safeguarded $500 million in user funds that would have been otherwise compromised.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, the executive said.Consensys managing director Dror Avieli also noted that reducing fund loss incidents in MetaMask is a Consensys-wide initiative that has been spearheaded by Blockaid. Blockaid has pushed our team to heights we didnt know possible and continues to enable us to make users more secure than they have ever been in Web3, Avieli added.
Funding
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