Decentralized Security Provider Silence Laboratories Raises $1.7M in Seed Funding Round
- In a bid to showcase its products, Prakash said Silence Labs has integrated with MetaMask crypto wallet to enhance the latter’s system security.
- Silence Labs uses the proof of possession concept to secure customers’ funds in any Web3 wallet.
- The company also uses several other concepts to secure funds including proof of proximity, proof of liveliness, and continuous session authentication.
Silence Laboratories, a web3-focused cybersecurity startup based in Singapore, has announced that it raised $1.7 million in a Seed Funding round led by Pi Ventures. According to the announcement, the just concluded seed funding round also included participation from imToken ventures.
Additionally, the funding round saw participation from angel investors including Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, Ashish Tiwari, and more.
Reportedly, Silence Labs intends to channel the funds towards hiring more developers.
“Account takeover due to a single point of failures of the private keys is on the unparalleled rise and has been affecting enterprises and different sectors of Web3 businesses. Hence, the internet is witnessing a growing push towards distributed authentication protocols and signature schemes and Silence Laboratories is at the forefront of this revolution,” Jay Prakash noted, CEO and Co-Founder at Silence Laboratories.
According to Prakash, blockchain technology is facing sophisticated attempts of hacking, besides the simple website cloning style. He added that cryptocurrency wallet cloning, browser wallet extension hacks, phished DEX, and CEX websites are all compromised examples of bad authentication practices in Web3.
On the other hand, Andrei Bytes, CTO and Co-Founder at Silence Laboratories, said the company’s cryptographic libraries hope to remove several active attack vectors prevalent in the Web3 industry today.
“In our pursuit to facilitate easier adoption of our libraries and helping enterprises develop together, we recently joined premier global alliances such MPC alliance and Decentralized Identity Foundation (DIF),” Bytes noted.
In a bid to showcase its products, Prakash said Silence Labs has integrated with MetaMask crypto wallet to enhance the latter’s system security.
Silence Labs and the Web3 Security Need
The cryptocurrency industry is facing many challenges with hacking among the top on the list. According to a recent report by Chainalysis, around $1.9 billion worth of cryptocurrency has been stolen in hacks of services from January through July 2022, compared to just under $1.2 billion at the same point in 2021.
Notably, the trend is not expected to end anytime soon with North Korean-sponsored hacking group Lazarus on the loose. Reportedly, the North Korean hacking groups are stealing crypto funds to back the country’s nuclear program.
For instance, in the just concluded month of August, $190 million was stolen from cross-chain bridge Nomad. Additionally, attackers siphoned $5 million from several Solana wallets.
Silence Labs uses the proof of possession concept to secure customers’ funds in any Web3 wallet. Notably, the company essentially verifies if the user actually possesses the private keys and the MFA token when attempting to approve a transaction.
The company also uses several other concepts to secure funds including proof of proximity, proof of liveliness, and continuous session authentication.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
