CertiK Ventures, the venture arm of the well-known blockchain security platform CertiK, is making efforts to encourage the adoption of Web3 through a new multimillion-dollar investment strategy aimed at supporting new projects in the industry.
According to an announcement shared with Cointelegraph, CertiK Ventures launched a $45 million investment plan on September 19th with the goal of driving the development of promising Web3 projects. The plan is designed to expedite the integration and security within the Web3 ecosystem.
A spokesperson for CertiK informed Cointelegraph that the company plans to distribute the funds from the fourth quarter of 2024 until the end of 2025.
CertiK Ventures aims to focus on security and infrastructure firms that demonstrate reliability in terms of security and technology, as well as possess a sustainable and scalable business model.
This announcement comes a few months after CertiK officially unveiled its venture arm in May 2024. The venture arm is dedicated to supporting emerging blockchain platforms and leveraging CertiK’s extensive expertise in blockchain security.
In addition to the news about CertiK Ventures, CertiK also announced an upgrade to its Web3 services at the Token2049 event in Singapore on September 19th.
The blockchain security firm introduced free community security tools, including Token Scan and Wallet Scan, to assist users in protecting their assets. The Token Scan tool enables users to perform instant token security checks to detect scams on networks like Solana. Wallet Scan allows users to check if their wallet is vulnerable to risks such as approval vulnerabilities, suspicious transactions, and phishing address interactions.
CertiK developed these tools based on its experience conducting over 70 white hat operations, reporting over 4,000 security incidents, identifying 115,000 code vulnerabilities, and safeguarding approximately $360 billion in assets.
CertiK has established itself as a vital platform in the blockchain security industry since its founding in 2018 by professors from Yale University and Columbia University. The company is backed by prominent investors, including Goldman Sachs, Insight Partners, Sequoia Capital, Tiger Global, Binance, and Coinbase. In just a few years, CertiK has achieved a valuation of $2 billion.
In addition to its collaborations with industry companies, CertiK is actively cooperating with law enforcement agencies to share evidence of alleged crimes and information gathered during Know Your Customer verifications.
CertiK has provided security services to over 4,700 projects across 150 countries, including Web3 networks and companies like The Open Network (TON), Ripple, Aptos, and Binance.
To protect investors, CertiK’s market monitoring tool, CertiK Alert, regularly provides updates on cryptocurrency hacks, scams, and flash loans.
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