Blockchain Security Firm Blockaid Raises $50M in a Funding Round to Tackle On-Chain Threats

Blockaid, a cybersecurity agency specializing in blockchain safety, mentioned it raised $50 million in a Series B funding spherical to assist increase analysis, engineering and product growth.

Ribbit Capital led the spherical, with backing from GV and present buyers together with Variant and Cyberstarts, the corporate mentioned. The funding comes as demand for blockchain safety rises, with main monetary establishments and fintech corporations increasing their on-chain operations.

Blockaid, which began operations in 2023 and raised $27 million in a Series A spherical, gives real-time risk detection for blockchain transactions. The firm integrates straight with wallets and decentralized functions (dapps) to safe customers from malicious actors. Last yr, the platform scanned greater than 2.4 billion transactions and blocked 71 million assaults.

“While the blockchain itself is secure, on-chain applications and the users that interact with them are at risk,” CEO Ido Ben-Natan mentioned in a assertion. “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.”

Blockaid’s safety community is utilized by corporations reminiscent of Coinbase, MetaMask, Uniswap and Stellar.

The funding follows a surge in blockchain exercise, with stablecoin transaction quantity reaching $8.5 trillion in the latter half of 2024.

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

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