Security auditing company CertiK propels its valuation to $2 billion

2 billion dollars for CertiK

The platform CertiKrenowned for its security audits in the blockchain ecosystem, has just seen its valuation to reach $2 billion following a fundraiser reaching 88 million dollars.

The round table was carried out in the under a Series B3 financing. Figureheads for this funding are investors Insight Partners, Advent International as well as Tiger Global Management, which also led the recent round of NEAR Protocol just a few days ago.

It will also be noted the presence of the investment bank Goldman Sachs among other investors, alongside Sequoia Capital and Lightspeed Ventures Capital, among others.

This new capital injection follows CertiK’s previous fundraising last December, which became a unicorn following a contribution of 80 million dollars. The company has thus seen its valuation double in the space of 3 months.

Ronghui Gu, one of CertiK’s co-founders, said in an interview that security audit requests have increased dramatically. According to him, CertiK has seen its revenue increase 12 times over the past year.

However, this is hardly surprising, in a context where a large number of protocols continue to suffer from hacks, and more particularly cross-chain bridges. Indeed, hacks have already claimed many victims just for this first quarter of 2022, as evidenced by example the recent theft of $620 million in the form of Ether and USDC on the Ronin sidechain.

Security at the heart of the blockchain

Just like its counterparts specialized in blockchain security, CertiK today occupies a central place in the development of various projects relating to cryptocurrencies. The reasons are many, if only for obvious security justifications and to prevent possible breaches. Decentralized finance (DeFi) protocols are favored targets today, especially for their large liquidity.

According to the press release relating to this new fundraising, CertiK observes that rug pulls and scams are unfortunately growing in popularityand that the first solution to remedy this concern could be a broader democratization of the process of “ Know Your Customer (KYC) “.

For the company, the key to a more secure future will be transparency. This is the reason why CertiK offers a ranking of the projects it has audited with the related data, which are updated in real time.

At the time of writing these lines, 1842 projects are currently listed on this rankingwith important figures in the industry such as Aave (AAVE), Polygon (MATIC), Terra (LUNA), Shibaswap and The Sandbox (SAND).

At last, CertiK has also deployed Skyneta solution for the real-time analysis of smart contracts, the liquidity of decentralized exchanges (DEX), or which even makes it possible to identify flash loans thanks to an on-chain analysis tool.

Remember that in 2021 alone, more than 1.3 billion dollars were stolen in total in the blockchain world.

Newsletter 🍞

Get a crypto news recap every Sunday 👌 And that’

Leave a Comment