Google Ventures, the venture capital investment arm of Alphabet, was one of several VCs to take part in the series B investment round of Israel’s Blockaid, which completed the funding round with $50 million.
Blockaid, an on-chain security platform providing protection services to some of the largest on-chain companies, saw the funding round led by Ribbit Capital, which participation from Variant and its first seed investor, Cyberstarts, to scale operations and research and development that would allow the growing company to keep up with demand.
Indeed, Blockaid works with some of the biggest on-chain companies, such as Coinbase, Metamask, Stellar, Uniswap, and World App.
“While the blockchain itself is secure, on-chain applications and the users that interact with them are at risk,” explained Blockaid CEO and co-founder Ido Ben-Natan. “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.
“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,” he continued. “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.”
Scanning billions of transactions
The company scanned over 2.4 billion transactions in 2024 alone and protected over $101 billion worth of user funds.
The company announced that this latest funding round will accelerate its mission to build trust in blockchain technology by securing every one of its transactions.
The company was founded in 2022 to provide a single platform for detecting, understanding, and automatically responding to fraud, scams, exploits, and financial risks.
This past December, Blockaid revealed that 59% of crypto tokens launched in 2024 were reported to be "malicious in nature,” according to CoinDesk.