Blockchain security firm CertiK has raised $60 million in funding from SoftBank Vision Fund II and Tiger Global, further cementing its unicorn status after raising a total of $290 million in nine months.
The proceeds come at a time when the blockchain community is leading the growth around Web 3.0 application development and creating new use cases for virtual ecosystems, especially in gaming, non-fungible tokens (NFTs) and decentralized finance (DeFi). “When development moves at breakneck speed, mistakes happen,” According to CertiK’s vice president of marketing, Monier Jalal. He explained:
“In the current development of Web3, security is often an afterthought, and therein lies the danger. The maturity of new infrastructures in their early phase, for example, cross-chain bridges or DeFi lending systems, such as loans flash, are targets for hackers.
Jalal said that the “financial nature” of digital assets and DeFi protocols make their rewards far greater than anything we have seen in the Web 2.0 era. “The magnitude of the impact, coupled with the growing trends around Web 3.0 development and the resulting hacks, is what is driving the demand for Web 3.0 security,” he said.
Blockchain security firm @certik_io
says DeFi attacks could root from lack of decentralization. https://t.co/B32qTEWU8c— Cointelegraph (@Cointelegraph) January 11, 2022
Security firm Certik says that DeFi attacks could be rooted in a lack of decentralization.
Venture capital funds have placed a strong emphasis on blockchain security services. Earlier this month, CertiK raised $88 million in Series B-3 financing, doubling its valuation to $2 billion, in a raise that was led by Insight Partners, Tiger Global and Advent International. In December 2021, the company raised $80 million in a funding round led by Sequoia.
Security vulnerabilities are regular headlines in the cryptocurrency industry. In January, research from bug bounty service ImmuneFi revealed that DeFi hacks drained more than $10.2 billion in funds in 2021 alone. Earlier this month, Axie Infinity’s Ronin Bridge was hacked for over $600 million after the attackers could access the private keys of the validator nodes.
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