Blockaid, a notable MetaMask security partner, has successfully raised $33 million in its Series A funding round. The funding was led by prominent venture capital firms including Ribbit Capital and Variant. Notably, it aims to propel Blockaid’stechnology designed to prevent malicious transactions.
Emerging from Stealth with Strong Industry Partnerships
Coinciding with the funding announcement, Blockaid revealed that it is emerging from stealth with key industry partnerships. Among its inaugural customers are MetaMask, OpenSea, Rainbow wallet, and Zerion wallet. This strategic move positions Blockaid as a pivotal player in providing security solutions for Web3 applications and fortifying user protection against malicious transactions.
Blockaid’s collaboration with MetaMask and OpenSea dates back to April 2023 when they joined forces to introduce an experimental feature. This feature, aimed at warning users about “known scams,” leverages OpenSea’s blocklist and Blockaid’s expertise in analyzing malicious behaviors such as signature farming and wallet draining.
Major Funding Backing for Enhanced Security
The latest funding infusion serves as a testament to Blockaid’s commitment to enhancing blockchain security and fortifying the industry against hacks and scams. Founded in 2022 by alumni of Unit 8200, the largest unit in the Israel Defense Forces, Blockaid stands out for its compatibility with any blockchain network.
The security solution offered by Blockaid includes the capability to detect malicious decentralized applications and simulate off-chain signatures (EIP-712s).
Impressive Track Record and User Protection
Blockaid’s Co-founder and CEO, Ido Ben-Natan, emphasized the platform’s success in protecting users from fraud, phishing, and hacks. Notably, Blockaid’s security platform scanned an impressive 450 million transactions in the past three months.
During this period, Blockaid thwarted 1.2 million malicious transactions, safeguarding a substantial $500 million in user funds that would have otherwise been compromised.
Ben-Natan highlighted Blockaid’s proactive approach to security, noting that the platform improves with every transaction. This enables developers to focus on building innovative products without the constant worry about security concerns.
Consensys Acknowledges Blockaid’s Impact
Dror Avieli, Managing Director at Consensys, also acknowledged Blockaid’s pivotal role in reducing fund loss incidents within MetaMask. Avieli expressed admiration for Blockaid’s contributions, stating that it has pushed the team to unprecedented heights and continues to elevate user security in the realm of Web3.