Kraken invests in cybersecurity startup Web3 Shield

Emmanuel Udotong, Isaiah Udotong and Luis Carchi, co-founders of Shield – Credit: Shield

Shieldan American startup that develops cybersecurity blockchain based on theAIhas completed a financing round from 2.1 million dollars.

Incubated at the a16z crypto school, Shield offers services for businesses that want to adopt “comprehensive” security measures to prevent crypto hacks and better protect their users from online threats.

The company of Web3 security announced Thursday that it has collected 2.1 million dollars in seed funding from Eterna Capital, Alchemy, Moonpay and the venture capital arm of the exchange Kraken.

Smart contracts have been the focus; however, 1 in 3 crypto attacks are not contract related and are instead triggered by compromised private keys or ‘front-end spoofing’. Therefore, auditing and monitoring your smart contract is not enough. To fill the gap, Shield develops automated protections against often overlooked attack vectors,” the San Francisco-based startup said in a statement.

Shield now boasts of serving large traditional firms such as Fox Sports but also Web3 players such as the non-fungible token marketplace Rarible.

Last year, more than $3 billion in crypto-currencies were stolen by cybercriminals.

“Our goal is to be the primary security layer to facilitate the secure integration of billions of people and trillions of assets on the blockchain,” Shield says in a Twitter thread.

1/ 🎉 Exciting news for Shield!

We closed a $2.1M oversubscribed pre-seeded round

Backers include @krakenventures, @alchemyplatform, @moonpay, @eternacapital security experts

We’re thrilled to participate in @a16zcrypto‘s CSS as we revolutionize the web3 security landscape 🚀 pic.twitter.com/UlbYe1pGol

– Shield (@shield_xyz) April 20, 2023

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything.