Specialist in security services for the blockchain and its applications, Halborn receives a $90 million Series A. The fall in value does not stop hackers and attacks.
Investment in companies in the crypto asset sector fell in the second quarter of 2022. They reached $6.76 billion against $9.85 billion three months earlier.
This trend was expected. So this is confirmation. However, the slowdown in fundraising is not affecting all startups. Halborn, who specializes in blockchain cybersecurity, seems to have slipped through the cracks.
Cybersecurity: a growing market
A provider of security services for crypto and blockchain players, the company has just completed a $90 million Series A round. The funding round is led by Summit Partners.
Investors such as Castle Island Ventures, Digital Currency Group and Brevan Howard are also participating in the fundraising. Halborn, founded three years earlier, does not disclose the amount of its valuation.
As for the impact of crypto winter, the startup believes it is immune to it. It positions itself primarily as a cybersecurity player in a rapidly growing market. In 2021, its growth exceeded 14% and amounted to more than $132 billion.
Also, while token prices have plummeted in recent months, cyberattacks and vulnerabilities have not gone away. Several large-scale hacks have been reported this year, such as the Ronin sidechain, more than $600 million stolen, or the Horizon bridge, which reached $100 million in damage.
Cyber Security: A Competitive Advantage for Crypto Projects
To prevent the exploitation of vulnerabilities in Dapps and blockchains, projects in particular appeal to ethical hackers by setting a reward for finding bugs. Halborn offers this kind of cybersecurity services.
Security consulting, intrusion tests, smart contract audits… The startup, in particular, has rolled out its services to key crypto players. Halborn clients include Solana, BlockFi, Phantom, and Polygon.
Due to the institutionalization of the crypto asset market, the blockchain startup also supports third-party crypto players. Among them are giants such as Amazon or Nike, as well as various banks and venture capitalists.
In the crypto market, which is experiencing severe turbulence, trust is an even more important strategic issue. However, this confidence is largely based on resilience to attacks.
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