Blockchain security entity CertiK reportedly obtained $60 million of capital injection via fundraising from SoftBank Vision Fund II and Tiger Global, reinforcing its current unicorn status. 

Specifically, the fundraising reportedly occurred during the time when the blockchain community is taking the pioneering role regarding the growth associated with Web3 application development, and coming up with new use cases for virtual ecosystems, particularly in gaming, (NFTs) and (DeFi).

“When development moves at breakneck speed, mistakes happen. With current Web3 development, security most often is an afterthought — and this is the danger. Early-stage maturity around new infrastructure, e.g., cross-chain bridges or DeFi lending schemes, e.g. flash loans, are targets for hackers.” CertiK’s vice president of marketing Monier Jalal additionally explained. 

Per Jalal, the “financial nature” of digital assets and DeFi protocols reportedly amplify the rewards they offer to an unprecedented level, compared to the Web2 era. 

 “The magnitude of impact coupled with increasing trends around Web3 development and resulting hacks is what’s driving the demand for Web3 security,”

Venture funds have reportedly invested an extensive amount of effort in blockchain security offerings. In April 2022, CertiK secured $88 million via Series B3 fundraising – a two-fold surge that brought its valuation to $2 billion, in a raise that was spearheaded by Insight Partners, Tiger Global, and Advent International.

In December last year, the firm managed to reel in $80 million in a Sequoia-led funding round.

Security vulnerabilities have reportedly been a particular issue that drew significant attention from the crypto sphere. In January, research from bug bounty service ImmuneFi revealed that DeFi hacks drained over $10.2 billion worth of funds in 2021 alone.