Blowfish is a firewall expertise startup that’s contains engineers from Meta, MakerDAO and different platforms.
Web3 pockets security supplier Blowfish has raised $11.8 million from a number of enterprise funds and different prime crypto traders.
Paradigm led the funding round, with the firewall expertise startup scoring the backing of Dragonfly, 0x Labs, Uniswap Ventures and Hypersphere. Angels and prime crypto founders to additionally take part within the financing round included Naval Ravikant, Will Warren, Nathan McCauley and Jeremy Welch amongst others.
Blowfish appears to be like to bolster person pockets security for Web3 customers because the market continues to battle malicious actors whose rising sophistication has seen folks lose thousands and thousands price of {dollars}.
The Blowfish workforce brings collectively prime minds within the blockchain, cybersecurity and machine studying sectors. The workforce has engineers from Meta, 0x Labs, MakerDAO and Trail of Bits – all of whom are engaged on the target of providing better security to customers.
Protecting towards wallet-draining assaults
The startup’s API is designed to supply clients real-time safety towards a number of assault eventualities, together with phishing, software program provide chain assaults, and decentralised purposes (dApp) stage DNS hijacking.
According to the Blowfish workforce, the warnings towards malicious vectors won’t solely be accessible in actual time, but additionally supplied in a human-readable transaction context.
Phantom, a Solana-based crypto pockets for DeFi and NFTs, which has built-in the API, has reportedly scanned greater than 125 million proposed transactions. The expertise helped flag over 11,000 wallet-draining transactions, the Blowfish workforce stated of their announcement.
“Blowfish has helped us protect thousands of our users from malicious scams and fraud. Their API is easy to use & reliable. We’ve partnered with them because we trust their ability to continue building a great product that stays one step ahead of scammers,” stated Francesco Agosti, co-founder and CTO of Phantom.
Blowfish will use the capital infusion to improve its fraud detection engine throughout Ethereum, Solana, and Polygon. They’ll additionally use the funds to develop to new blockchains and rent extra employees to assist advance security throughout Web3.