Web3 security company Shield has raised $2.1m in pre-seed funding to create an industry standard that safeguards businesses and consumers from potential threats. The funding round included participation from Kraken Ventures, Eterna Capital, Alchemy, MoonPay and Rob Behnke, CEO of crypto security firm Halborn. Shield, a member of crypto investment firm a16z’s Crypto Startup School, aims to establish an industry standard for companies in the Web3 space to operate securely. Shield starts with a certification programme that identifies vulnerabilities before recommending products to keep users safe. Shield COO and co-founder Isaiah Udotong said the security necessary for Web3 stems from the same problems users faced in the early days of the internet.
Shield offers an API that identifies potential scams within a protocol, as well as a Discord bot to monitor community-based malicious activity. Shield CTO Luis Carchi said Web3 security is multifaceted, and that it’s necessary for the company to implement multiple products to ensure Web3 businesses are protected. The company has over 350,000 users and serves clients including entertainment company Fox Sports, non-fungible token (NFT) marketplace Rarible and token-gated infrastructure platform Guild.xyz. Shield aims to use the funding to build out its engineering team, as well as devote resources to research and development as Web3 technology – and scammers – become more advanced.
Shield CEO and co-founder Emmanuel Udotong told CoinDesk that the company’s goal is “to create a scam-free layer for crypto”. He added that Shield is working to build a system that is “as secure as possible” and that the company is “thinking about this from a full-stack point of view”. Shield aims to help businesses determine where their vulnerabilities lie and then recommends products to keep users safe. Shield’s efforts come as Web3 technology becomes more advanced and scammers become more sophisticated.
Web3 technology is a term used to describe the next phase of the internet, where decentralised networks and blockchain technology are used to create a more open and transparent web. However, this also creates new security challenges, as users’ assets and personal information can be at risk from hackers and scammers. Shield aims to help businesses navigate these challenges and build a more secure Web3 ecosystem. The company’s API and Discord bot are just two examples of the tools that Shield has developed to help businesses identify potential threats and keep their users safe.
As the Web3 ecosystem continues to grow, it is likely that more companies like Shield will emerge to help businesses navigate the complex security landscape. Shield’s pre-seed funding round is a positive sign for the company and for the Web3 ecosystem as a whole. With the support of investors like Kraken Ventures, Eterna Capital, Alchemy, MoonPay and Rob Behnke, Shield is well positioned to continue developing innovative solutions to help businesses stay secure in the Web3 space.
