Blockchain Security Firm Halborn Picks UP $90M In Series A Funding
- Blockchain security firm Halborn raised $90 million in a Series A funding round
- The round was led by Summit Partners and saw major participation of Castle Island Ventures, Brevan Howard, and Digital Currency Group.
Renowned blockchain security company Halborn has recently raised $90 million in a Series A funding round. The new funding shows a light of hope during the climate in the market when Venture Capital investments in crypto startups have slowed down, and crypto prices are going down.
According to a report by Bloomberg, the Miami-based company has raised $90 million in a financing round led by Summit Partners. The round saw major participation of Castle Island Ventures, Brevan Howard, and Digital Currency Group.
While several crypto-focused companies have recently been looking to raise money at lower valuations, with many laying off their employees due to adverse market conditions, Halborn is focused on cybersecurity. The CEO, Rob Behnke, said that the startup is focusing on giving immunity to the chill of crypto winter by shifting its focus toward cybersecurity.
“The price of crypto has nothing to do with our business. What really matters is that the entire industry is growing.”
he stated.
Though the 2019-founded startup has declined to disclose its valuation, it is relentlessly working on making the crypto industry more secure. Halborn collaborates with Ava Labs, the creator of the Avalanche blockchain, and Coinbase Global Inc, the operator of the exchange Coinbase.
It even educates non-crypto businesses on how to use and protect crypto, including Nike Inc., BNY Mellon, and Amazon.com Inc. The company also provides advice to banks, family offices, and VC firms regarding the risks involved in cryptocurrency projects.
“They really want to make sure they don’t get hacked and lose all their money,”
Behnke explained.
He said that the company has witnessed a rise in demand for its services over the past year as hacking and scamming cases are rocking the industry.
“The more than 100-person startup aims to prevent these exploits, such as a $620 million attack in March involving NFT game Axie Infinity, by assessing the code underpinning blockchain platforms for vulnerabilities and developing security measures.”
he added.
Notably, last month, Halborn spotted a vulnerability in the renowned MetaMask crypto wallet. Steve Walbroehl, the company’s co-founder and Chief Information Officer, commented on the flaw by stating:
“We’ve held onto that for like almost a year until they had it fixed.”
Halborn is the first blockchain investment made by Summit Partners, and managing director at Summit, Matthew Hamilton, even sees benefits from the current crypto winter.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
