Blockchain security firm CertiK bags additional US$60 mn from top VCs

Follow us on Google News:
 Blockchain security firm CertiK bags additional US$60 mn from top VCs
Image source: © Malirvik | Megapixl.com

Highlights 

  • CertiK is a Web3 and blockchain security company.
  • It was founded by Columbia University Professor Ronghui Gu and Yale University Prof Zhong Shao in 2018.
  • CertiK on Friday said that it received an additional US$60 million from SoftBank Vision Fund 2 and Tiger Global.

Web3 and blockchain security firm CertiK on Friday said that it received an additional US$60 million from SoftBank Vision Fund 2 and Tiger Global, taking their total investment in the company to US$290 million. 

CertiK was valued at US$2 billion after an earlier Series B3 funding round led by Insight Partners. The company had raised US$88 million at the time.

The New York-based company said it was elated over receiving the additional funds from SoftBank and Tiger Global. CertiK said it would invest the funds in ramping up Web3 security. 

Also Read: What is EarthFund (1EARTH) crypto and why is gaining attention?

Dennis Chang, the Managing Partner at SoftBank Investment Advisers, said that although Web3 is booming, security concerns have been a hurdle towards reaching its full potential.

Chang added that CertiK’s deep expertise in the field is helping provide companies with solutions to strengthen their Web3 and blockchain auditing and security. Chang said that while the technology world needs cybersecurity, the crypto world requires protection on various fronts. 

Also Read: Why is Decentralized Social (DESO) crypto gaining attention?

Additionally, the market is highly dynamic. More projects are added with each passing day, and as such, ensuring security is a challenge. Besides, there is also a high cost involved, he said.  

Also Read: Why NEAR Protocol (NEAR) token soared over 55% in a month?

Certik said the market lost around US$1 billion in bridge attacks and about US$200 million in flash loans attacks in the first quarter of 2022. 

In February, blockchain bridge Wormhole lost around US$326 million in a hacking attack. In March, Axie Infinity’s play-to-earn (P2E) game Ronin Network lost US$625 million, and Ethereum-based Beanstalk stablecoin protocol lost US$182 million in a similar attack. 

Also Read: Why is Monero (XMR) crypto gaining attention? All you need to know

 Blockchain security firm CertiK bags US$60 mn from SoftBank, Tiger Global

Also Read: Are crypto exchange FTX (FTT), Goldman Sachs exploring collaboration?

Who created CertiK?

The company was founded by Columbia University Professor Ronghui Gu and Yale University Prof Zhong Shao in 2018.

The New York-based company is focused on providing innovative, data-driven security products and services, including Security Leaderboard, Code Auditing, KYC, and 24/7 threat monitoring. Gu said that CertiK holds over 60% stake in the Web3 market that uses third-party security services.

Also Read: Why is TRON (TRX) crypto riding high?

Bottom line:

The latest funding is expected to help CertiK in its efforts to provide better Web3 security and may open doors for more fundraising opportunities. CertiK aims to offer its services to all companies, whether big or small.


Risk Disclosure:
Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Featured Articles