A surge in demand has fueled blockchain security services, leading to substantial growth experienced by pioneers like CertiK. In just three months, CertiK’s valuation has doubled to USD 2 billion
CertiK, a Web3 and blockchain security firm, has announced an additional USD 60 million investment from SoftBank Vision Fund and Tiger Global. This marks SoftBank’s first venture into the area of Web3 security.
This is the fifth round of investment raised by CertiK in the past nine months, bringing the total funding amount to USD 290 million. The proceeds in this round will help the company further protect the blockchain industry and build trust in the crypto community.
Over the past 16 months, the crypto industry lost a staggering USD 2.3 billion due to cross-chain attacks, flash loans and rug pulls.
Since the end of 2020, CertiK’s revenue has increased more than twelvefold and its profits has surged by a whopping 3,000 times. At the same time, the number of its employees has quadrupled. According to CoinMarketCap, CertiK’s market share has risen to over 60%.
Gu Ronghui, founder and CEO of CertiK, points out that smart contract auditing and formal verification are the startup’s first steps in blockchain-related security service. CertiK’s goal will be to develop more SaaS products to provide additional layers of security for clients, says Gu.
CertiK’s mission is to help police the Web3 world. So far, it has served more than 3,200 clients. Its auditing service comprises a comprehensive security assessment of smart contract and blockchain code to identify vulnerabilities and recommend ways to fix them. Meanwhile, the firm’s SaaS product Skynet powers on-chain security monitoring and data insights for smart contracts.
CertiK also launched Know-Your-Customer (KYC) functions in January 2022. It is designed to deanonymize project teams and create greater accountability through a rigorous vetting process.