SoftBank leads $60M CertiK raise as demand for Web3 security grows

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SoftBank leads $60M CertiK raise as demand for Web3 security grows

Web3 is generating a lot of opportunities for blockchain-native businesses, but it’s also creating serious security vulnerabilities.

Blockchain security firm CertiK has raised $60 million in funding from SoftBank Vision Fund II and Tiger Global, further cementing its unicorn status after raising a combined $290 million over nine months.

The raise comes at a time when the blockchain community is leading growth around Web3 application development and creating new use cases for virtual ecosystems, especially in gaming, nonfungible tokens (NFTs) and decentralized finance (DeFi). “When development moves at breakneck speed, mistakes happen,” CertiK’s vice president of marketing Monier Jalal explained to Cointelegraph in a written statement. He continued:

Venture funds have placed a strong emphasis on blockchain security services. Earlier this month, CertiK raised $88 million in Series B3 funding, doubling its valuation to $2 billion, in a raise that was led by Insight Partners, Tiger Global and Advent International. In December 2021, the company raised $80 million in a Sequoia-led funding round.

Security vulnerabilities make for routine headlines in the crypto industry. In January, research from bug bounty service ImmuneFi revealed that DeFi hacks drained over $10.2 billion worth of funds in 2021 alone. Earlier this month, Axie Infinity’s Ronin Bridge was hacked for over $600 million after the attackers were able to gain access to the private keys of validator nodes.

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