Blockaid, a cybersecurity firm specializing in blockchain security, said it raised $50 million in a Series B funding round to help expand research, engineering and product development.

Ribbit Capital led the round, with backing from GV and existing investors including Variant and Cyberstarts, the company said. The funding comes as demand for blockchain security rises, with major financial institutions and fintech firms expanding their on-chain operations.

Blockaid, which started operations in 2023 and raised $27 million in a Series A round, provides real-time threat detection for blockchain transactions. The company integrates directly with wallets and decentralized applications (dapps) to secure users from malicious actors. Last year, the platform scanned more than 2.4 billion transactions and blocked 71 million attacks.

“While the blockchain itself is secure, on-chain applications and the users that interact with them are at risk,” CEO Ido Ben-Natan said in a statement. “This investment will help us continue to advance our machine learning capabilities and expand our current offerings to stay ahead in a highly adversarial landscape of evolving threats.”

Blockaid’s security network is used by companies such as Coinbase, MetaMask, Uniswap and Stellar.

The investment follows a surge in blockchain activity, with stablecoin transaction volume reaching $8.5 trillion in the latter half of 2024.

See also: More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid

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