Israel-Based Web3 Security Firm Blockaid Emerges From Stealth With $33M in Funding – NFTgators

Quick take:

• Blockaid has raised $33 million in funding to flush out malicious crypto wallets.
• Rabbit Capital and Variant Fund co-led the round.
• The fundraising was completed in two rounds with $6 million seed and $27 million Series A.

Web3 security startup Blockaid has announced a $33 million fundraising across two rounds, $6 million seed and $27 million Series A. The round was co-led by Rabbit Capital and Variant Fund, with participation from Cyberstarts, Sequoia Capital, and Greylock Partners.

The MetaMask security partner was co-founded in September 2022 by two ex-Israeli military intelligence personnel Ben-Natan and Raz Niv. According to the company’s website, Blockaid intends to root out malicious crypto wallets and actors from the industry by protecting users from fraud, phishing and hacks.

The company already works with some of the biggest players in the Web3 industry including MetaMask, OpenSea, 1inch, Zerion, and Rainbow. Blockaid claims to have averted over $500 million in losses and protected over $7 billion worth of assets.

The company plans to use the funds to expand its product offerings, customer base, and team as it tackles security challenges in web3.

Commenting on his company’s plans after completing its first fundraising, Ido Ben Natan, co-founder and CEO of Blockaid told Decrypt: “Soon after starting the company, we got a quick seed investment and started to work with some of the biggest and best companies in the space to solve some of the biggest problems, primarily protecting users from nasty kinds of attacks.”

“Since then, we’ve scanned over 450 million transactions, of which over 1.2 million have been malicious, securing over $500 worth of funds,” he said.

The company’s two main security solutions include a dApp threat prevention that protects ents users from interacting with malicious apps. The solution also powers Blockaid to instantly detect malicious dApps.

The second solution dubbed “Token Security” protects users from malicious airdrops, and scam tokens, with Blockaid detecting any malicious form of attack. Such tokens including NFTs are blocked from reaching targeted users as soon as they are sent.

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• Source: https://www.nftgators.com/israel-based-web3-security-firm-blockaid-emerges-from-stealth-with-33m-in-funding/