Blockchain security initiative and Web3 wallet provider MetaMask’s partner, Blockaid, has caught attention with recent developments. The company has secured $33 million in funding to scale a system designed to address hacking issues in the blockchain space.
Blockaid’s Series A financing round was led by major industry venture capital firms, including Coinbase investor Ribbit Capital and VC firm Variant. Sequoia Capital, Cyberstarts, and Greylock Partners were also involved.
Blockaid’s security platform, which garnered attention from clients such as MetaMask, OpenSea, Rainbow, and Zerion, aims to provide security solutions for Web3 applications and protect users from malicious transactions through a strategic partnership.
In April 2023, MetaMask collaborated with Blockaid and OpenSea to activate an experimental feature that would alert users about known fraudulent methods. The public announcement at that time included the following statement:
“Users who opt for this feature will benefit from OpenSea’s blocklist of known scams, as well as Blockaid’s analysis of malicious behaviors such as wallet draining.”
The latest funding round aims to further enhance Blockaid’s resilience against hack attacks and frauds in the Web3 sector by scaling its blockchain network security offering. Blockaid’s security solution also has the capability to detect malicious decentralized applications and fully simulate off-chain signatures (EIP-712). Ido Ben-Natan, co-founder and CEO of Blockaid, shared the following about the company:
“Blockaid protects users from fraud, phishing, and attacks. The security platform has scanned 450 million transactions in the past three months and prevented 1.2 million malicious transactions, safeguarding $500 million worth of user funds that would otherwise be at risk. Through our architecture, Blockaid proactively prevents malicious actions, allowing developers to build products without worrying about security.”