Tiger Global backs $24M funding round for blockchain security firm CertiK

August 18, 2021 admin

The security company has now raised $61 million in two months and over $70 million since inception. Coatue Management, Shunwei Capital and Coinbase Ventures are among CertiK’s early backers.

Blockchain security firm CertiK has concluded a $24-million-dollar funding round as part of its ongoing efforts to expand its product and security offerings for the decentralized finance, or DeFi, sector.

The funding round, which was co-led by Tiger Global and GL Ventures, comes on the heels of the successful launch of Skynet Premium, an active monitoring platform for DeFi applications. Since its inception, Skynet has monitored over 2 million smart contract addresses and over 2 billion on-chain transactions.

CertiK claims to have served over 1,300 enterprise clients to date. In the process, its platform has detected over 23,000 vulnerabilities in blockchain code.

Security exploits are nothing new for the cryptocurrency space. As the recent Poly Network hack demonstrated, crypto in general — and DeFi, in particular — are luring more sophisticated attackers due to the large sums of money involved. As Cointelegraph reported, the cryptocurrency market capitalization returned above $2 trillion last week for the first time since May, highlighting the monetary implications of coordinated attacks on the sector.

Poly Network wasn’t the only DeFi protocol to get attacked last week. The DAO Maker crowdfunding platform reportedly lost $7 million in an exploit targeting more than 5,200 user accounts.

Last month, popular decentralized exchange THORChain fell victim to an attack that compromised $8 million worth of Ether (ETH). It was the second multi-million-dollar hack in as many weeks.

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