Shield, a Web3 security firm, has successfully raised $2.1 million in pre-seed funding to build an industry standard that keeps businesses and consumers safe from potential threats. The funding round was participated by Kraken Ventures, Eterna Capital, Alchemy, MoonPay, and Rob Behnke, the CEO of crypto security firm Halborn. Shield is also a member of crypto investment firm a16z’s Crypto Startup School. The company aims to provide a safe and secure environment for companies in the Web3 space to operate securely.
According to Luis Carchi, the CTO of Shield, Web3 security is multifaceted and requires the implementation of multiple products to ensure that businesses are protected. Carchi mentioned that they are not aiming to be “the Chrome extension” or “the Discord bot” but are thinking about this from a full-stack point of view, being as holistic as possible. Shield aims to build an industry standard for Web3 businesses to operate securely.
Shield has already amassed over 350,000 users and has clients including Fox Sports, Rarible, and Guild.xyz. With the funding, Shield plans to build out its engineering team and devote resources to research and development, given that Web3 technology and scammers become more advanced.
Shield is one of the pioneering firms that is striving to establish standards for safety and security in the Web3 ecosystem. The rise of Web3 technology has brought about an increase in scammers, and Shield aims to provide a solution to this problem. With the increasing popularity of non-fungible tokens and other Web3 technologies, the need for safety and security has become even more critical. Shield’s pre-seed funding round marks a significant milestone in the company’s journey to build a safer Web3 environment