Web3 and blockchain security firm CertiK has closed a $60 million funding round backed by SoftBank Vision Fund and Tiger Global. The funding comes after CertiK announced another $88 million round led by Insight Partners at a $2 billion valuation.
This funding establishes a partnership with two global investment giants that can provide connectivity for traditional companies looking to enter the Web 3 space.
Security flaws in the blockchain have been rampant this year and have resulted in more than $1 billion in losses. In February, the Wormhole blockchain bridge lost $326 million in a single mine. Last month, Ronin Network, the infrastructure of the popular money-making game Axie Infinity, had $625 million stolen. Stablecoin protocol Beanstalk then became the second notable attack in a month and lost $182 million.
Headquartered in New York City, CertiK offers a set of end-to-end security solutions that turn the company into a one-stop shop for customers. Products include code inspection, threat monitoring, and asset tracing. The company is currently developing new products.
CertiK holds more than 60% of the market for Web 3 companies that already use third-party security services. However, about 90% of companies in this field have never used such a service, which is really dangerous.
Security services are not easy to find for new Web 3 projects due to the limited number of providers and often high costs. CertiK wants to expand its security testing and verification solutions to make them available to small Web 3 companies.
“We really want to scale this business to all the players in the blockchain and Web 3 industry,” explains Ronghui Gu (CEO) CertiK.