Blockaid secured Series A funding from prominent venture capital firms like Ribbit Capital and Variant, with support from Sequoia Capital, Cyberstarts, and Greylock Partners. The startup revealed its security platform's launch from stealth mode, counting MetaMask, OpenSea, Rainbow wallet, and Zerion wallet among its initial clients. Blockaid aims to enhance security for Web3 applications and safeguard users from harmful transactions through strategic alliances.
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 into the feature will benefit from OpenSea’s blocklist of known scams, as well as Blockaid’s analysis of malicious behaviours like signature farming and wallet draining, according to the company.
The latest funding aims to help Blockaid further scale its blockchain security offering to improve the industry’s resistance to hacks and scams. Founded in 2022, Blockaid is designed to be compatible with any blockchain network. The company’s security solution is also capable of detecting malicious decentralizsed applications and fully simulating off-chain signatures (EIP-712s).
The startup’s officials said Blockaid protects users from fraud, phishing, and hacks, having already scanned 450 million transactions in the past since August 2023. They have thwarted 1.2 million malicious transactions and safeguarded USD 500 million in user funds that would have been otherwise compromised. By proactively preventing malicious actions through their unique architecture, Blockaid improves with every transaction, enabling developers to build great products without having to worry about security.
Blockaid, founded by cybersecurity experts, focuses on enhancing security in the Web3 environment. The company has recognised the vulnerability of users in the adversarial world of web3. Blockaid aims to improve usability and increase adoption of web3 technologies by prioritising security. The underlying mission is to scale web3 by building trust with users through enhanced security measures.
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