BlockSec Scores $8M in Seed Funding Round

Blockchain security firm, BlockSec has announced the completion of an angel seed round. In total, the fund generated was approximately $8 million. Both Vitalbridge and Matrix Partners led the seed round with support from CoinSummer, Mirana Ventures, and YM Capital.

Vitalbridge Capital and Matrix Partners are recognized as venture capital firms that assist start-ups with seed funding. Most times, they focus on the seed and early growth stages of consumer and enterprise markets. 

Interestingly, Matrix Partners is a United States-based investment firm with about $4 billion in assets under management (AUM). The equity investment firm recently collaborated with other investors to secure $150 million for KuCoin. Fortunately, the secured fund skyrocketed the crypto exchange’s valuation to $10 billion.

KuCoin employed the fund to boost its stance on crypto wallets, decentralized finance (DeFi), Play-to-Earn (P2E) games, and non-fungible tokens (NFTs). The exchange earlier raised $100 million in April to support fresh creators and its advancement in Web3.0

Both Vitalbridge and Matrix’s interests in early funding led to the actualization of the $8 million generated. BlockSec will utilize the fund to expand its research and employ more staff for its production team. A part of the fund will be allocated to the provision of on-chain monitoring and attack intervention capability. This in turn will be channeled towards more decentralized applications (DApps).

BlockSec Creates Security Audit Systems 

The blockchain startup is tasked with providing security infrastructure that can be harnessed by the broader ecosystem. It makes use of advanced technologies to create a secure network for DApps. Detecting false connections, security attacks, and high-impact vulnerability are some of its objectives.

Collectively, Solidity and Rust ecosystem recorded over a hundred client beneficiaries of the startup’s security audit network. Many firms were able to recall their losses and recover them through the help of BlockSec. 

The firm has helped recovered up to $5 million in assets for the protocols it secures. BlockSec tries to avoid attacks on the ecosystem by engaging two public tools. The flash loan monitoring system and the transaction visualization system are the tools used to achieve this.