Blowfish, a Remote Web3 security company, raised $11.8m in funding.
The round was led by Paradigm with participation from Dragonfly, Uniswap Labs Ventures, Hypersphere and 0x Labs, as well as Naval Ravikant, Nathan McCauley, Will Warren, Amir Bandeali, Francesco Agosti, Patryk Adas, Jeremy Welch, Steve Klebnoff, Raymond Tonsing, Jim Posen, John Johnson and many more.
The company intends to use the funds to:
- Upgrade its fraud detection engine on Solana, Ethereum, and Polygon to identify more scams
- Expand to new blockchains
- Hire a team committed to eliminating scams and hacks from Web3
Blowfish developed a service that scans transactions for malicious intent on behalf of wallets and sends them to the network, creating an extra layer of security that can protect users from phishing and hijacking attacks. Its tech includes an API with warning symbols and guidance so that crypto users can have safer transactions – a necessary tool for crypto hacks and scams, as $1.9 billion worth of cryptocurrency was stolen in the first seven months of 2022.
The startup has already teamed up with Phantom to help protect their users with world-class transactional security. Since integrating its API, they’ve scanned over 125 million proposed transactions and prevented over 11,000 wallet-draining transactions from being signed by their users.
FinSMEs
03/10/2022