Blockaid, following its $33 million funding round, has emerged from stealth mode with notable customers such as MetaMask and OpenSea.

Blockaid, a blockchain security startup and partner of the MetaMask cryptocurrency wallet, has secured $33 million in funding to expand its technology designed to prevent malicious transactions.

This Series A funding round for Blockaid was spearheaded by prominent industry venture capital firms, with investors such as Coinbase investor Ribbit Capital and early-stage VC firm Variant participating. Sequoia Capital, Cyberstarts, and Greylock Partners were among the other backers.

Blockaid announced this development on October 23, along with the revelation that its security platform is emerging from stealth mode, with its initial customers including MetaMask, OpenSea, Rainbow wallet, and Zerion wallet. The startup has established a strategic partnership with the goal of delivering security solutions for Web3 applications and safeguarding users from malicious transactions.

In April 2023

MetaMask had previously disclosed its collaboration with Blockaid and OpenSea to introduce an experimental feature that would alert users when dealing with “known scams.” Users who opted into this feature would benefit from OpenSea’s list of known scams, along with Blockaid’s analysis of malicious behaviors like signature farming and wallet draining. Blockaid’s security solution can detect malicious decentralized applications and accurately simulate off-chain signatures, including EIP-712s.

Blockaid’s CEO Ido Ben-Natan stated that their security platform has scanned 450 million transactions in the last 3 months, preventing 1.2 million malicious transactions and protecting $500 million in user funds. This unique architecture proactively enhances security, allowing developers to focus on product development. Consensys managing director Dror Avieli noted Blockaid’s role in reducing fund loss incidents in MetaMask and its contribution to bolstering user security in Web3.