A $7 million pre-series A investment was co-led by Yunqi Partners and Web3Vision for the Singapore-based cybersecurity company Safeheron.
In 2019, Wade Wang, Max He, and Bruce Wang established Safeheron. Wallets are made more secure using a mix of multi-party computation (MPC) technology and an execution environment that distributes “key shards” across several stakeholders.
The money will be put to use in creating its open-source crypto self-custody service, which provides SMEs with institutional-grade security solutions for their crypto assets.
A strategic alliance between the security firm and US-based MetaMask, a provider of cryptocurrency wallets, has also been revealed. Using the Silicon Valley company’s integration of Safeheron’s algorithm onto its platform, customers will be able to sign their transactions with two to three compatible devices.
Compared to basic mobile app authentication, this layered authentication offers MetaMask users a higher level of protection.
These additional security precautions have become increasingly important in light of reports of attacks on the Axie Infinity, Nomad, and Harmony platforms, which have put a combined $830 million in US dollars at risk.
The need for cybersecurity services may increase as the global crypto industry, projected to reach US $4.94 billion by 2030 at a compound annual growth rate of 12.8%, expands.
