Smart Contract Auditing Firm CertiK Completes $24,000,000 Funding Round

Tiger Global Management and GL Ventures-backed CertiK in its latest funding round that raised $24 million.

Chung Yee
August 19, 2021
BSC News

Blockchain Security

CertiK, a blockchain security startup, draws more prominent backers as it plans to expand its product and security offerings for the Decentralized Finance (DeFi) sector. Tiger Global Management and GL Ventures led the Series B funding round to raise $24 million in a recently concluded funding round.    

CertiK has managed to raise a total fund of more than $70 million. In July, the cybersecurity firm raised $37 million through Coatue Management and Shunwei Capital with participation from Coinbase Ventures. The firm confirmed the last round of funding in a Medium blog announcement on August 17.

“The meteoric rise of decentralized finance has given millions of people the opportunity to become their own bank,” Pengfei Wang, a partner of Tiger Global Management, said. “Yet for the innovations to be fully trusted, security must be the focal point.” 

This security firm has an impressive list of backers, including Binance, IDG Capital, Lightspeed Venture Partners, and Yale University. A firm founded in 2018 by Professors from Yale and Columbia Universities, CertiK has provided audits for projects in the DeFi space such as Aave, Polygon, Binance Smart Chain, Terra, and Yearn. 

Source: CertiK recently released Skynet Premium, an active monitoring platform for live smart contracts already deployed.

State of Hyper-Growth

CertiK’s latest fundraising is an extension of its Series B round in order to enable the business to move to the next level, past the development stage. In its blog announcement, the firm states that it is currently in a stage of hyper-growth as it expands its team and continues to develop innovative-focused technology. 

The latest product launched by CertiK, Skynet, is the industry’s first active monitoring platform for live smart contracts deployed. 

Source: Skynet, a platform developed by CertiK, enables its users to monitor and manage risk in real-time.

CertiK serves more than 1,300 enterprise clients with more than $90 billion worth of protected crypto assets and 23,000 vulnerabilities detected on the blockchain code. The firm is serving an important sector in the crypto industry: security. 

Risk Management 

CertiK plugs the gap in meeting the market’s need for security. It also provides the necessary tools to institutional and retail investors to manage their risk. The recent flurry of exploits on various DeFi protocols increases the call for a comprehensive security solution that can guard against potential hacks. 

A string of hacks that happened lately is a clarion call for industry players to take a step back and focus on protocol securities. 

July 14 - ApeRocket suffered a $1.2 million flash loan attack
July 23 - Thorchain’s $8 million exploit
August 10 - $600 million was stolen n the Poly Network Hack, the largest exploit in DeFi history 

DeFi will Continue to Grow 

The DeFi space does not seem to be slowing down and will likely continue to grow at an exponential rate. Two sectors that will have to maintain the same pace are the insurance and security industry––and the riskier the undertaking, the most costly the insurance premium. Hence, investment in security is the best way forward as part of risk management. CertiK has a pivotal role in the crypto space, akin to that of Norton or McAfee Antivirus during the internet boom.    

For more info on the CertiK Foundation, check out their pages.

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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