Blockaid Raises $33 Million in Series A Funding for Advanced Cryptocurrency Security
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Blockaid Raises $33 Million in Series A Funding
Blockaid, a startup specializing in advanced cryptocurrency security, has recently secured $33 million in a Series A funding round. This funding round was led by Bessemer Venture Partners, with participation from existing investors including Coinbase Ventures, Innovation Endeavors, and Aleph VC.
Founding and Mission
Blockaid was established in 2020 by a group of former Israeli cybersecurity and intelligence experts who recognized the need for a more proactive and advanced approach to cryptocurrency security. The startup utilizes artificial intelligence and machine learning to analyze the behavior and reputation of cryptocurrency wallets. It aims to detect and prevent malicious activities such as fraud, money laundering, ransomware, and terrorist financing.
Monitoring and Tracking High-Risk Wallets
The Blockaid platform provides a means for cryptocurrency exchanges, banks, regulatory bodies, and law enforcement agencies to monitor and track the flow of funds across various blockchain networks. It also enables the identification and blocking of high-risk wallets. Customers can benefit from risk scoring, alerting, reporting, and investigation tools.
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Protecting the Cryptocurrency Industry
The CEO of Blockaid claims that their technology can help safeguard the cryptocurrency industry from regulatory crackdowns and sanctions, such as China’s recent ban on cryptocurrency transactions. It can also assist in addressing concerns about the alleged use of cryptocurrencies by groups like Hamas to fund attacks on Israel. Blockaid aims to ensure compliance with anti-money laundering (AML) and anti-terrorist financing (CTF) regulations in different jurisdictions and cooperate with authorities when necessary.
Expansion Plans and Future Services
With the new funding, Blockaid plans to expand its team, enhance its products, and establish a global presence. Currently, the startup has 35 employees and serves clients in over 20 countries. Additionally, Blockaid intends to introduce new features and services, including a cryptocurrency wallet insurance product and a blockchain forensics academy.
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