Blockchain security startups SphereX and Cube3.ai raise funds

SphereX and Cube3.aitwo start-ups specializing in blockchain cybersecurityhave each raised 8 million dollars to combat threats in space crypto.

On Thursday, two companies offering solutions for strengthening the security from blockchain protocolshave respectively announced financing rounds of the same amount (8.2 million dollars).

Founded in Tel Aviv by a former executive of Israel’s Bank Leumi, the first, SphereXdevelops solutions designed to prevent crypto hacks and improve the security of smart contracts. Investors in the round include Aleph, Pillar VC and Fabric Ventures,

For years, the market wanted surveillance solutions, whereas SphereX’s flagship product stops malicious actors,” said Parker McKee, director of Pillar VC.

Second, Cube3.aiis just emerging from its stealth mode. Based in the USA, it has received backing from VCs Blockchange VenturesDispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB and TA Ventures.

Like SphereX solutions, its security platform for Web transactions3 enables threats to be detected and blocked in real time.

In addition to detecting threats and sending alerts, [notre plateforme] relies on advanced machine-learning algorithms to evaluate each transaction in real time and block malicious transactions so you never have to suspend your Web3″ applications, explains the California-based startup on its blog.

While this space is still plagued by numerous hacks and other crypto-currency thefts, the blockchain cybersecurity startups continue to attract investors despite declining interest in Web3.

Among the players in this sector who have raised funds this year are Turnkey, Shield, Coincover and, of course, French physical wallet manufacturer Ledger, which raised a further $100 million in the spring.

Last year, more than $3 billion in digital coins were stolen by hackers.

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