Crypto security platform Blockaid completes $50 million Series B funding, led by Ribbit Capital

According to Bloomberg, encrypted security platform Blockaid recently completed a $50 million Series B funding round led by Ribbit Capital, with participation from GV (formerly Google Ventures) and existing investors Variant and Cyberstarts. This financing will help Blockaid address the growing risk of cybercrime in the digital asset sector. In 2024, Blockaid successfully intercepted 71 million potential attacks and avoided $5.3 billion in losses. The company expects that as users grow and token prices rise, network attack incidents will surge to "hundreds of millions" by 2025. Blockaid plans to use this funding to expand operations and increase research and development investment, with an expected doubling of its workforce this year. The CEO of the company, Ido Ben Natan, stated that due to changes in the regulatory environment in the United States and a surge in demand, the company is currently facing the challenge of understaffing.