Blockchain Security Firm Halborn Raises $90M Amid Crypto Market Slump
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$90M Series A Funding For Halborn
Despite the crypto market downturn, blockchain security company Halborn has successfully raised $90 million. The round's valuation has not been disclosed.
While crypto companies had recently been raising money at lower valuations, demand for services offered by Halborn has increased over the past year, according to Matthew Hamilton, managing director at Summit Partner. The demand stems from high-profile attacks and the continuing trend of hackers attempting to steal cryptos.
Earlier this summer, the company uncovered the "demonic" vulnerability in the popular MetaMask crypto wallet. It involved insecure permissions in MetaMask and other browser extension crypto wallets that would allow the attacker to access a user's secret recovery phrases on disk via remote or physical access.
Founded in 2019, Halborn provides a suite of products and services designed to identify and close vulnerabilities in Web3 applications, helping to create the security standards the market presently lacks.
The company currently works with a range of companies like Coinbase, Solana, BlockFi, Polygon, Ava Labs, and Dapper. Additionally, the team works with non-crypto native brands like Amazon and Nike to educate the companies on how to use crypto. It also advises financial institutions, family offices, and VCs on mitigating risk.