Blowfish is a wallet and custodian protection tool that provides real-time alerts and human-readable transaction context. Paradigm, a crypto investment firm, led a $11.8 million round of financing into Blowfish. Blowfish is a firewall provider that helps Web3 firms combat cyberattacks.
According to an announcement shared by CoinDesk, Blowfish allows wallet providers and custodians the ability to provide real-time warnings and human readable transaction context to users.
The fraud in crypto and the wider Web3 environment does not only affect investors’ confidence but also makes it more difficult to get support from institutions and regulators. Firms that offer services to prevent fraud should be able attract capital. Frau prevention startup Sardine received $51.5 million in Series A funding from Andreessen Horowitz (a16z).
Blowfish is available on the Solana and Ethereum blockchains. It plans to use the funding for expansion and to improve its fraud-detection system. Web3 is a version the internet, which is based on decentralized platforms and blockchain technology.
The round was also supported by Uniswap Capital and Hypersphere, as well as Dragonfly and Ravikant Capital.
Phantom, a Solana-based wallet provider Phantom with whom Blowfish has been working since April, is one of Blowfish’s customers.
Phantom was among the wallet providers that were targeted in a hack which took nearly $6 million from more than 9,000 wallets within the Solana ecosystem. Phantom claimed that it had found all vulnerabilities in the systems after a week-long investigation. Solana developers suggested that it was possible that closed-sourced digital wallet Slope was the culprit.
The round was also supported by Uniswap Capital and Hypersphere, as well as Dragonfly, Uniswap Capital and Ravikant Capital.