The investment arm of the prominent blockchain security platform CertiK is making strides to enhance Web3 adoption through a fresh multimillion-dollar initiative aimed at fostering new industry projects.
On September 19, CertiK Ventures unveiled a $45 million investment strategy designed to propel the growth of promising Web3 projects, as detailed in an announcement to Cointelegraph. This initiative seeks to expedite the integration and bolster security within the Web3 landscape.
According to a CertiK spokesperson, the company plans to allocate the funds beginning in the fourth quarter of 2024 and continuing through the end of 2025.
CertiK Ventures intends to concentrate on security and infrastructure firms that demonstrate reliability in both security and technology, as well as possessing a sustainable and scalable business model, the representative indicated.
This announcement follows the official launch of CertiK’s venture arm in May 2024, which aims to support emerging blockchain platforms while leveraging CertiK’s extensive expertise in blockchain security.
In conjunction with the news regarding CertiK Ventures, the company revealed a significant upgrade to its Web3 services during the Token2049 event in Singapore on September 19.
CertiK also introduced free community security tools, including Token Scan and Wallet Scan, designed to empower users in protecting their assets.
The Token Scan tool provides instant security checks for tokens, identifying scams across networks like Solana, while Wallet Scan allows users to assess whether their wallets are vulnerable to risks, such as approval flaws, questionable transactions, and phishing interactions.
CertiK’s Token Scan tool. Source: CertiK
The development of these tools stems from CertiK’s experience with over 70 white-hat operations, reporting more than 4,000 security incidents, uncovering 115,000 code vulnerabilities, and safeguarding approximately $360 billion in assets.
Backed by distinguished investors, CertiK was founded in 2018 by professors from Yale and Columbia Universities and has since become integral in the blockchain security sector.
The firm boasts a roster of high-profile investors, including the financial giant Goldman Sachs, Insight Partners, Sequoia Capital, and Tiger Global, as well as major exchanges like Binance and Coinbase. Just four years post-establishment, CertiK achieved a valuation of $2 billion in 2022.
CertiK co-founders Professor Ronghui Gu (left) and Professor Zhong Shao. Source: CertiK
In addition to its collaborations with industry players, CertiK is actively working with law enforcement to share evidence related to alleged crimes, as well as data gathered during Know Your Customer (KYC) verifications.
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CertiK has provided security services to over 4,700 projects across 150 countries, including Web3 networks and firms such as The Open Network (TON), Ripple, Aptos, and Binance.
The company’s market monitoring tool, CertiK Alert, consistently updates users on cryptocurrency hacks, scams, and flash loans, with the aim of safeguarding investors.
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Bitcoin ETFs may face hacker threats, Ellison seeks no prison time, and more: Hodler’s Digest, Sept. 8–14