Israeli onchain security platform Blockaid today announced the completion of a $50 million Series B financing round led by Ribbit Capital, with participation from Google Ventures and existing investors, including Variant and its first seed investor, Cyberstarts. Blockaid, which protects the largest companies building onchain, including Coinbase, Metamask, Stellar, Uniswap, and World App, will use the new funds to expand operations and R&D to keep up with demand.
The company, which has 70 employees in its offices in Israel and New York, raised $27 million in its Series A financing round and has raised a total of $83 million since it was founded.
Since launching in October 2023, Blockaid has rapidly established itself as the standard for onchain security, securing over $101 billion in assets and preventing more than $5.3 billion in potential losses. In 2024, the company outpaced its revenue targets amid surging demand for comprehensive blockchain security solutions.
The company was founded by CEO Ido Ben-Natan and CTO Raz Niv.
Ben-Natan said, "As DeFi growth continues to surge, and fintechs like Stripe and major institutions like J.P. Morgan, Fidelity, and UBS scale their blockchain initiatives, Blockaid is positioned to be the cybersecurity solution of choice for securing every onchain interaction. While the blockchain itself is secure, onchain applications and the users that interact with them are at risk. Both consumers and organizations face threats from advanced actors and nation states from the day new projects launch. While early solutions focused on catching criminals, we stop onchain-related crime at scale."
Blockaid offers four key advantages: exclusive access to the industry's largest collection of real-time transaction data through direct integrations with the most used web3 wallets; advanced machine learning models optimized for comprehensive threat detection; Internet-wide monitoring that identifies risks before they reach the blockchain; and the only end-to-end security platform that provides real-time protection for both internal teams and end users
In 2024 the company scanned over 2.4 billion transactions; secured more than 787 million dApp connections; protected over $101 billion worth of user funds; detected and blocked more than 71 million attacks; and identified over 15 million malicious dApps.
Ben-Natan added, "The second half of 2024 saw $8.5 trillion in stablecoin transaction volume across 1.1 billion transactions, while major financial institutions launched their own crypto offerings. As blockchain adoption accelerates and new retail investors enter the market, comprehensive security is essential. This investment will help us continue to advance our machine learning capabilities and expand our current offerings to stay ahead in a highly adversarial landscape of evolving threats."
Published by Globes, Israel business news - en.globes.co.il - on February 18, 2025.
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