CertiK, a blockchain security firm, has raised $60 million in funding from SoftBank Vision Fund II and Tiger Global, as investors place a greater emphasis on security.
This is the firm’s second funding round this month
Certik has now raised $290 million in total funding over the course of nine months. As previously reported, the company raised $88 million this month at a $2 billion valuation, in which Tiger Global also participated, and $80 million in December 2021 in a Sequoia-led funding round. Certik hopes that with the latest round, it will be able to focus on the security of new sectors such as cross-chain communications, gaming, and NFTs.
“With current Web3 development, security most often is an afterthought and this is the danger. Early-stage maturity around new infrastructure, e.g., cross-chain bridges or DeFi lending schemes, e.g. flash loans, are targets for hackers.” ” Monier Jalal, CertiK’s VP of Marketing, explained in an interview.
What is CertiK?
CertiK offers the Skynet active monitoring platform for blockchains, as well as the Security Leaderboard, a security ranking platform for blockchain platforms and decentralized finance apps, to protect them from cyberattacks. The company has protected crypto exchanges such as Binance, OKEx, and Huobi by conducting a security audit, which is an objective review of a specific codebase or smart contract. The goal is to identify security flaws. These audits have recently become very popular.
Security vulnerabilities are frequently in the news in the crypto industry, as Axie Infinity’s Ronin bridge was recently hacked for over $600 million after attackers gained access to validator node private keys, and North Korean hacker group Lazarus is being linked to a number of high-profile crypto hacks. These uncertainties are what drive demand for security firms like CertiK to provide greater certainty.