According to CoinDesk, Blockaid, a Web3 security company that provides services to firms like Metamask and Opensea, has raised $27 million in a Series A funding round. The round was led by Ribbit Capital and Variant, with participation from Cyberstarts, Sequoia Capital, and Greylock Partners. The New York and Tel Aviv-based company plans to use the funding to scale its product, customer base, and team in order to address the industry's security challenges, which it described as 'never-ending' in an emailed announcement on Monday.

Blockaid offers a security layer that can scan every transaction from a wallet or interact with a decentralized app (dApp) or a smart contract and is compatible with any blockchain network. The firm claims to have scanned 450 million transactions, thwarted 1.2 million malicious transactions, and safeguarded $500 million in user funds that would have been otherwise compromised in the last three months alone. According to blockchain security firm Certik, nearly $700 million was lost across 184 incidents in Q3 of 2023, more than the entire first half of the year ($633 million), highlighting the scale of the challenge in tightening security for Web3 projects and applications.