Web3 Security Service Providers, Liquid Stakers Receive $60 Million In Funding
The latest update from the cryptocurrency has it that $60 million in funding has been won by 11 cryptocurrency industry startups this week. The report states that these expenditures have mainly been directed at improving the security of Web3 platforms and liquid staking.
While explaining the situation, James Cirrone, in his article on BlockWork, said that this increase in investment emphasizes the importance of decentralized finance’s growth and the Web3 ecosystem’s urgent need for strong security measures. Cirrone explained that the focus on liquid staking is one prominent feature of this financing trend.
According to founders of Puffer: a liquid staking service and one of the beneficiaries , Jason Vranek and Amir Forouzani, while explaining their services, said that to join the network, lone stalkers often need to deposit a sizeable 32 ETH. The company, however, said it aim to democratize staking by offering more approachable options for cryptocurrency enthusiasts.
Helio and Synclub had a merger. Synclub already has native staking for several popular cryptocurrencies, such as Tron (TRX), Cosmo (ATOM), Polkadot (DOT), and Binance Coin (BNB). Cirrone, however, believes that this strategy will probably draw more people to join in the staking landscape.
This action aligns with the industry’s rising concern regarding smart contracts’ vulnerability and the urgent need for improved security solutions. Lightspeed Faction and Lemniscap raised $5.5 million in a seed round; Puffer Finance has also acquired traction.
Cantina, Cube3.ai, Fabric Ventures, and Others Get Funding
Cantina, an open marketplace for Web3 security auditors, got $7 million in this financing trend. The funding was raised by Spearbit, while Framework Ventures dominated the funding rounds, as reported by TechCrunch on Thursday. The company (Framework Ventures) highlighted the seriousness of security issues within the developing Web3 ecosystem.
Synclub management, while explaining the reason behind their action, says that ensuring the integrity and security of these platforms (Web3 ecosystem) is important given the quick development and popularity of decentralized applications. The enormous investment in Cantina evidences the industry’s understanding of this pressing need.
Another top beneficiary is Helio Protocol: a liquid staking derivatives service, which got $10 million funding from Binance Labs. Yi He, Binance Co-founder, said that his company is dedicated to supporting DeFi projects has a way of augmenting the DeFi space. Cube3.ai successfully obtained $8.2 million in seed finance at a $24 million value. The funding is meant to improve its three blockchain security technologies.
Investors who participated in the startup funding include Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners, and many more angel investors. SphereX also raised $8.2 million in funding, at the value of $24 million, with Mensch Capital Partners, Pillar VC, Aleph, Fabric Ventures, and others acting as angel investors during the week.
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