Blockaid raised $50 million in a Series B funding round to scale to meet the demand for its blockchain security platform.
The company will use the new funding to scale its product and engineering teams, strengthen its go-to-market operations, and expand its research capabilities to stay ahead of evolving threats, according to a Tuesday (Feb. 18) blog post.
“What sets us apart is our unmatched visibility from direct integrations with the most used web3 wallets, plus internet-wide monitoring that stops threats before they reach users,” the post said. “Not only does this give us the most comprehensive coverage of any security provider, but the more pre-transaction, onchain, offchain and threat intelligence data our system sees, the more our models improve.”
Blockaid emerged from stealth with $33 million in funding in October 2023, saying in a blog post that it aimed to “secure web3.”
Since then, the company has secured over $101 billion in assets, prevented more than $5.3 billion in potential losses, scanned over 2.4 billion transactions, protected over 787 million decentralized application (dApp) connections, and detected and blocked more than 71 million attacks, according to the Tuesday blog post.
Blockaid’s platform provides direct wallet and dApp integrations for end-user protection; real-time monitoring, detection and response for smart contracts, infrastructure and externally owned accounts (EOAs); specialized fraud detection; and institutional safeguards, the post said.
Its security infrastructure is used by both crypto-native companies and traditional institutions that are scaling their blockchain initiatives, per the post.
“The trust placed in us by the largest companies operating onchain validates our approach and fuels our mission,” the post said. “With this new funding, we’ll continue to advance our capabilities and expand our reach, ensuring that every onchain interaction is secure by default.”
In another recent development in this space, blockchain data platform Chainalysis said in January that it acquired Alterya, an artificial intelligence-powered fraud detection solution that works with cryptocurrency exchanges and FinTechs to identify scammers and protect the companies’ end users from fraud.
It was reported Feb. 11 that cryptocurrency custodian services provider BitGo is considering an initial public offering (IPO) as soon as the second half of the year. BitGo was valued at $1.75 billion when it raised $100 million from investors in 2023.
