CertiK – a Web 3 and blockchain security firm – has secured an additional $60 million investment from SoftBank Vision Fund 2 and Tiger Global.
This follows the firm’s $2 billion valuation last month, after an $88 million round in which Tiger Global also took part.
With the new funding, investments in CertiK over the past nine months have surpassed $290 million.
It also marks SoftBank’s first investment into the web 3 security space. The Japanese investment manager has previously put money towards crypto infrastructure provider BlockDaemon, and popular crypto exchange FTX.
In a press release from CertiK, Softbank Managing Partner Dennis Chang claimed that security concerns are currently holding the Web 3 industry back from its full potential.
“We believe CertiK combines deep expertise in cybersecurity, blockchains, and systems verification to provide companies with a leading solution in blockchain security and auditing,” he said.
Indeed, while the decentralized web has attracted interest from major entrepreneurs, smart contract exploits and scams still plague the space.
For example, Axie Infinity’s treasury was struck by a $600M Defi hack earlier this month due to a hacker compromising the wallet’s private keys. In early January, $3 Million were lost from an Algorand-based DEX after bugs in its smart contract were exploited.
CertiK provides security products like code-auditing and Skynet, to locate smart contract bugs and provide all-day threat monitoring, respectively. It also launched a KYC and fraud detection service recently, to identify rug pulls and scams before they occur.
In 2021 alone, about $1.3B in crypto assets were lost to cybercriminals. The crypto industry is now putting major funds towards enhancing its security in light of such events.
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