Blockaid, a cybersecurity firm focused on blockchain security, announced that it has raised $50 million in a Series B funding round. This capital will facilitate the company’s expansion into research, engineering, and product development.

• The funding round was led by Ribbit Capital, with contributions from GV, Variant, and Cyberstarts.
• Last year, Blockaid mitigated threats by scanning over 2.4 billion transactions and blocking 71 million attacks.
• With the new funding, Blockaid intends to enhance its teams and better serve the increasing requests from financial institutions and Web3 companies.

The demand for robust blockchain security solutions is on the rise as more organizations shift their operations on-chain. Blockaid, operational since 2023, provides real-time threat detection for blockchain transactions through integrations with wallets and decentralized applications.

CEO Ido Ben-Natan commented, “While the blockchain itself is secure, on-chain applications and the users that interact with them are at risk. 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.”

Blockaid’s security solutions are utilized by major companies such as Coinbase, MetaMask, Uniswap, and Stellar. With a notable increase in blockchain activity, especially during the latter half of 2024 where stablecoin transactions reached $8.5 trillion, the need for security in this domain has never been greater.

See also: More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid