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Blockaid Secures $50 Million in Series B Funding to Enhance Blockchain Security

Blockaid, a cybersecurity firm specializing in blockchain security, has raised $50 million in a Series B funding round to help expand its research, engineering, and product development efforts.

The round was led by Ribbit Capital, with backing from GV and existing investors including Variant and Cyberstarts, the company said. The funding comes as demand for blockchain security rises, with major financial institutions and fintech firms expanding their on-chain operations.

About Blockaid

Blockaid, which started operations in 2023 and raised $27 million in a Series A round, provides real-time threat detection for blockchain transactions. The company integrates directly with wallets and decentralized applications (dapps) to secure users from malicious actors.

Last year, the platform scanned more than 2.4 billion transactions and blocked 71 million attacks.

CEO’s Statement

“While the blockchain itself is secure, on-chain applications and the users that interact with them are at risk,” CEO Ido Ben-Natan said in a statement. “This investment will help us continue to advance our machine learning capabilities and expand our current offerings to stay ahead in a highly adversarial landscape of evolving threats.”

Partners and Customers

Blockaid’s security network is used by companies such as Coinbase, MetaMask, Uniswap, and Stellar.

Surge in Blockchain Activity

The investment follows a surge in blockchain activity, with stablecoin transaction volume reaching $8.5 trillion in the latter half of 2024.

More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid

Conclusion

In conclusion, Blockaid’s $50 million Series B funding round is a significant milestone in the company’s mission to enhance blockchain security. With the backing of leading investors, Blockaid is poised to continue its research and product development efforts, providing real-time threat detection and security solutions to the blockchain community.

FAQs

Q: What is Blockaid’s purpose?

A: Blockaid is a cybersecurity firm specializing in blockchain security, providing real-time threat detection for blockchain transactions.

Q: Who led the Series B funding round?

A: Ribbit Capital led the Series B funding round, with backing from GV and existing investors including Variant and Cyberstarts.

Q: What is the current market demand for blockchain security?

A: The demand for blockchain security is rising, with major financial institutions and fintech firms expanding their on-chain operations.

Q: What is the significance of the surge in blockchain activity?

A: The surge in blockchain activity, with stablecoin transaction volume reaching $8.5 trillion in the latter half of 2024, is a significant milestone in the growth of the blockchain industry.

Q: What is Blockaid’s relationship with its partners and customers?

A: Blockaid’s security network is used by companies such as Coinbase, MetaMask, Uniswap, and Stellar.

Q: What is the CEO’s vision for Blockaid’s future?

A: CEO Ido Ben-Natan’s vision is to continue advancing machine learning capabilities and expanding current offerings to stay ahead in a highly adversarial landscape of evolving threats.