MetaMask security partner Blockaid secures $33M funding

Blockaid, a blockchain security startup and partner of the MetaMask cryptocurrency wallet, has actually protected $33 million financing to scale its innovation designed to stop harmful transactions.The Series A financing round for Blockaid was led by major industry venture capital companies, including Coinbase financier Ribbit Capital and the early-stage VC firm Variant. Other financing members consisted of Sequoia Capital, Cyberstarts and Greylock Partners.Announcing the news on Oct. 23, Blockaid also said its security platform is coming out of stealth with its inaugural clients like MetaMask, the OpenSea market, the Rainbow wallet and the Zerion wallet. The startup has actually formed a tactical alliance aiming to offer security options for Web3 applications and protect users from destructive transactions.MetaMask previously divulged that it was teaming up with Blockaid and OpenSea in April 2023 to enable a speculative function that would alert users when interacting with “known rip-offs.”” Users that decide in to the function will take advantage of OpenSeas blocklist of known scams, as well as Blockaids analysis of harmful behaviors like signature farming and wallet draining pipes,” the firm stated at the time.As part of our ongoing commitment to keep our neighborhood safe and secure, were working with our friends @opensea and @blockaid_ on a speculative function in @MetaMask that will alert users when engaging with recognized frauds. pic.twitter.com/MPn9yE7utD— MetaMask (@MetaMask) April 5, 2023

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Related: TON raises 8-figure amount from MEXC to make Telegram a Web3 super-app” Blockaid safeguards users from scams, phishing, and hacks,” Blockaid co-founder and CEO Ido Ben-Natan stated, adding that its security platform scanned 450 million deals in the past 3 months. He included that Blockaid “warded off 1.2 million destructive transactions” and safeguarded $500 million in user funds that would have been otherwise compromised.Blockaid creators, Ido Ben-Natan (left) and Raz Niv (best). Source: Blockaid” By proactively avoiding malicious actions through our unique architecture, Blockaid enhances with every transaction, allowing designers to construct terrific products without having to fret about security,” the executive said.Consensys managing director Dror Avieli also kept in mind that decreasing fund loss incidents in MetaMask is a Consensys-wide initiative that has actually been spearheaded by Blockaid.