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CertiK Raises Another $60M for Web3 Security

 


Blockchain security firm CertiK has raised $60 million in investment capital from backers SoftBank Vision Fund II and Tiger Global in a recent round of funding, cementing the company's "unicorn" status. In the last nine months alone, CertiK has generated investments of US$290 million.


The new cash injection comes at a time when the blockchain community is making huge strides towards the Web3, crystallizing entirely new use cases for the “Internet of the Future”, including Gaming, Non-Fungible Tokens (NFT) and Decentralized Finance ( DeFi). "When the pace of development is blazing fast, mistakes happen," CertiK marketing vice president Monier Jalal said in a statement to Cointelegraph. In this regard, Jalal explains:


“Right now, security plays a secondary role in developments for Web3, but that is the real danger because it is exacerbating the immaturity of this new infrastructure, including cross-chain bridges, DeFi lending mechanisms such as flash loans, the target of hackers.”

Logically, the “financial nature” of cryptocurrencies and DeFi projects makes them far more attractive targets than most other projects on the web2, the expert notes. He adds: "The potential scope combined with developments around Web3 lead to hacker attacks that make the demand for Web3 security all the greater."



Venture capitalists seem to agree with this reading, as more and more mutual funds rely on blockchain security. At the beginning of the month, CertiK had already raised USD 88 million in investment capital in a Series B3 financing round, which effectively doubled the company's value to USD 2 billion. Here Insight Partners, Tiger Global and Advent International were the leading financiers. In December 2021, the security company was able to collect 80 million US dollars.


Drastic vulnerabilities are always a hot topic in the crypto industry. In this context, just in January, bug analysts at ImmuneFi revealed that $10.2 billion was stolen by DeFi hacks in 2021. Earlier this month, Axie Infinity's Ronin Bridge was also hacked, causing $600 million in damage.

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