Blockaid Secures $33M in Funding to Fix ‘Oopsie-Daisy Web3’ Blockchain Security Blunders

LUCKNOW (CoinChapter.com) — Blockaid, MetaMask security partner and Israel-based Web3 security startup, has raised $33 million in two funding rounds.

The initial seed round secured $6 million in investment, followed by $27 million in Series A funding. The firm will use this fund to enhance the company’s technology to prevent malicious activities and improve a “broken Web3” ecosystem.

Blockaid’s Series A funding round got support from leading industry venture capital firms such as Ribbit Capital and early-stage VC firm Variant. Additional backing came from prominent entities such as Sequoia Capital, Cyberstarts, and Greylock Partners.

Blockaid’s announcement on Oct. 23 revealed that its security platform is emerging from stealth mode. Its inaugural customers include some leading names such as MetaMask, the OpenSea marketplace, Rainbow wallet, and Zerion wallet.

Bolstering Web3 Security

Back in April 2023, MetaMask collaborated with Blockaid and OpenSea to enable an experimental feature that warns users of “known scams.” 

The firm will use the latest funding to further scale its blockchain security against hacking and scams. Blockaid was Co-founded by two alumni of Israel’s Cyber Intelligence Unit 8200 in 2022. It is designed to be compatible with any blockchain network.

Blockaid can detect malicious decentralized applications and fully simulate off-chain signatures (EIP-712s).

“We simulate and validate blockchain transactions before they are executed. Our dApp [decentralized application] Scanning Engine fully simulates all possible user interactions on any dApp. It does this through our dApp Scanning Sandbox, which validates whether the interactions — and the dApp itself — are malicious,”

Ben-Natan said.

Blockaid Helped Metamask

Blockaid protects users from fraud, phishing, and hacks. The security platform scanned 450 million transactions in the past three months. It thwarted 1.3 million malicious transactions and protected $500 million in user funds that would have otherwise fallen victim.

Dror Avieli, the managing director at Consensys, noted that Blockaid has been a driving force behind reducing fund loss incidents within MetaMask.

Avieli said:

“Blockaid has pushed our team to heights we didn’t know possible and continues to enable us to make users more secure than they have ever been in Web3.”