Blockaid Partners with Core to Safeguard Avalanche Ecosystem
Web3 security startup Blockaid has integrated its advanced technology into the Core wallet to protect nearly $1 billion in assets on the Layer 1 (L1) blockchain Avalanche. This strategic collaboration aims to bolster the security measures for Avalanche’s decentralized finance (DeFi) ecosystem against sophisticated threats such as hacks and phishing scams.
Enhancing Security for Core Wallet Users
The integration of Blockaid’s privacy-preserving security systems into Avalanche’s native wallet, Core, is designed to mitigate a variety of potential threats. Blockaid’s technology simulates transactions and identifies malicious activities before they can be executed on decentralized networks like AVAX. This proactive approach is crucial in safeguarding user assets in real time.
Core wallet users will also benefit from them real-time alerts and an extensive security database. This database is continuously updated to include emerging attack vectors, operations by bad actors, and vulnerabilities within the DeFi landscape. This dynamic security environment ensures that users are protected against the latest threats.
Tapping Blockchain for On-Chain Security
The partnership between Core and Blockaid comes at a critical time for the crypto industry, which has faced increasing security concerns. This year alone, there have been over 120 reported hacks, with more than $53 million stolen in April. These incidents underscore the urgent need for robust security solutions in the crypto space.
Blockaid’s CEO, Ido Ben-Natan, emphasized the company’s commitment to bringing its extensive experience to Avalanche and Core. Blockaid has a proven track record, having safeguarded over $7 billion in virtual currencies and reportedly stopping 1.3 million individual on-chain attacks.
A Giant Leap for Avalanche Ecosystem Security
According to Akash Gupta, Ava Labs’ head of customer products, this collaboration marks a significant step toward enhancing user security within the Avalanche ecosystem. Gupta highlighted that the integration of Blockaid’s technology will enable users to explore and interact with the Avalanche network and its DeFi services with greater peace of mind.
The partnership between them and Core wallet is expected to set a new standard for security in the crypto industry, ensuring that users can confidently engage with decentralized networks and protect their valuable digital assets.
