Blockchain security service provider BlockSec completed its angel+ round worth CNY 50 million (USD 7.455 million), led by Vitalbridge and Matrix Partners. With the wide use of smart contracts, the security of the smart contract also requires developers to attach great importance.
BlockSec, a blockchain security service provider in China, announced its angel round worth CNY 50 million (USD 7.455 million) today, led by Vitalbridge and Matrix Partners, with participation by Mirana Ventures, CoinSummer, and YM Capital, news portal 36kr.com reported.
With the popularization of new blockchain technologies such as ETH, smart contracts, a technology that automates transfer transactions by executing open source code, have also attracted much attention from developers and users.
However, because of the open-source nature of smart contracts, hackers can also see the code of smart contracts. If there are loopholes in the code, hackers will attack and profit from it. Therefore, blockchain security companies have also emerged.
Zhou Yajin, the co-founder of BlockSec, said that BlockSec's attack blocking system has successfully blocked several hacker attacks. For example, when hackers attacked Saddle Finance, BlockSec issued an early warning and successfully blocked the attack. So far, BlockSec has recovered more than USD 5 million in assets for projects, including Saddle and HomeDao.
Information security issues have motivated a new generation of security service providers. The BlockSec team’s solid scientific research background and insight into industry and market needs provide unique perspectives and solutions for the next-generation Internet security system, said a spokesman from Vitalbridge.
The company’s competitors include Entrust, Aliyun (Chinese: 阿里云), Chengdu LianAn (Chinese: 成都链安), SlowMist (Chinese: 慢雾科技), and TCS.