Israeli startup helped save Coinbase users over $75 million from being stolen in five months
Israeli startup helped save Coinbase users over $75 million from being stolen in five months
The integration of Blockaid’s solution stopped nearly 800,000 wallet connections to malicious dApps - all by scanning and analyzing 114 million transactions and dApp connections
Coinbase has revealed that it integrated Israeli startup Blockaid’s solutions in its Wallet app five months ago to provide additional layers of security for users. According to the company, over the five months, the integration has helped save over $75 million of funds from being stolen and stopped nearly 800,000 wallet connections to malicious dApps - all by scanning and analyzing 114 million transactions and dApp connections.
The Israeli Web3 security company raised a $27 million Series A last October led by Ribbit Capital and Variant. The round also included participation from Cyberstarts, Sequoia Capital and Greylock Partners. Blockaid previously raised a $6 million Seed round and took its total funding to date to $33 million.
Blockaid was founded by CEO Ido Ben-Natan and CTO Raz Niv who met during their military service in Unit 8200. They went on to work as Cyber Security R&D Team Leads at the Office of the Prime Minister of Israel, winning the prestigious Israel Defense Prize.
Coinbase Wallet has millions of users who use it to collect NFTs, earn yield, explore play-to-earn gaming, participate in DAOs, and more with support across Bitcoin, 10+ EVM chains, Solana, Dogecoin, and every ERC-20 from Aave to ZRX.
Coinbase Wallet teamed up with Blockaid to provide additional layers of security for wallet users in an effort to make the wallet safer and more user friendly. The integration resulted in better transaction simulations on 7+ chains — 99% of which are 300ms or faster — which means users get the benefit of additional security without it slowing down or negatively impacting user experience.
