Blowfish Raises $11.8 Million Under The Leadership Of Paradigm

Blowfish, a developer of web3 firewalls, came out of hiding after announcing the completion of a $11.8 million investment round headed by Paradigm.

According to a blog post on the firm website, additional investors included Dragonfly Capital, Uniswap Lab Ventures, Hypersphere, and 0xLabs.

Engineers from Meta, 0xLabs, and MakerDAO founded Blowfish, which offers firewall technology to shield web3 users from fraudulent transactions.

According to the business, Blowfish’s API aids wallets and custodians in defending users from phishing and DNS hijacking threats using decentralized applications. Real-time warnings and clear transaction context will be returned by the API.

Blowfish and Phantom, a wallet service on Solana, have already partnered

“Blowfish has helped us protect thousands of our users from malicious scams & fraud,” said Francesco Agosti, chief technology officer and co-founder of Phantom. “We’ve partnered with them because we trust their ability to continue building a great product that stays one step ahead of scammers.”

Blowfish’s latest round of funding will be used to grow the team, improve the API’s fraud detection system, and add other blockchains. Solana, Ethereum, and Polygon all already support.

This week, other crypto firewall providers have raised funds, not just Blowfish. To stop theft on Ethereum wallets, Harpie, an on-chain firewall provider, raised $4.5 million in a seed round. In Harpie’s round, Dragonfly Capital also participated.

According to a Chainalysis analysis released in August, through July 2022, hacks of services have resulted in the theft of $1.9 billion in cryptocurrency, up from just under $1.2 billion at the same time in 2021.

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