Paradigm leads $11.8M funding for Web3 wallet security provider Blowfish

Blowfish is a firewall technology startup that’s includes engineers from Meta, MakerDAO and other platforms.

Web3 wallet security provider Blowfish has raised $11.8 million from several venture funds and other top crypto investors.

Paradigm led the funding round, with the firewall technology startup scoring the backing of Dragonfly, 0x Labs, Uniswap Ventures and Hypersphere. Angels and top crypto founders to also participate in the financing round included Naval Ravikant, Will Warren, Nathan McCauley and Jeremy Welch among others.

Blowfish looks to bolster user wallet security for Web3 users as the market continues to battle malicious actors whose growing sophistication has seen people lose millions worth of dollars.

The Blowfish team brings together top minds in the blockchain, cybersecurity and machine learning sectors. The team has engineers from Meta, 0x Labs, MakerDAO and Trail of Bits – all of whom are working on the objective of offering greater security to users.

Protecting against wallet-draining attacks

The startup’s API is designed to offer customers real-time protection against multiple attack scenarios, including phishing, software supply chain attacks, and decentralised applications (dApp) level DNS hijacking.

According to the Blowfish team, the warnings against malicious vectors will not only be accessible in real time, but also provided in a human-readable transaction context.

Phantom, a Solana-based crypto wallet for DeFi and NFTs, which has integrated the API, has reportedly scanned more than 125 million proposed transactions. The technology helped flag over 11,000 wallet-draining transactions, the Blowfish team said in their announcement.

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

Blowfish will use the capital infusion to upgrade its fraud detection engine across Ethereum, Solana, and Polygon. They’ll also use the funds to expand to new blockchains and hire more staff to help advance security across Web3.