Sec3 Secures $10M From Investors Led by Multicoin Capital

Sec3, a Solana-based security research company for Decentralized Apps (DApps) serving millions of customers has secured $10 million in a seed fund round. The security outfit made the announcement on its official Twitter page.

According to the announcement, Multicoin Capital led the investment round, together with other investors which include Sanctor Capital, and Essence Venture Capital. In addition, the startup firm cited two angel investors; Anatoly Yakovenko, Solana’s Co-founder, and Santiago Roel Santos that backed the funding.

The security firm stated that it intends to use the funds to create a more secure Web3 experience for its users. It also aims to invest in the launch of a complete security suite, a decentralized and real-time attack prevention service, together with an insurance overlay at the same time.

Notably, Sec3 recently launched a suite of products called ‘WatchTower’ and ‘Circuit Breaker’ that has quickly become the industry standard for Solana-based developers. These products allow for real-time security monitoring and identify abnormalities both before and while they are impacting contracts on a public chain.

The support for Sec3 stems from its role as a security Watch Guard that ensures safety in the ecosystem. Meanwhile, more than $1.5 billion was reported to have been stolen from phishing attacks last year, creating a robust market for the firm.

The Relevance of Decentralization in Blockchain

Sec3 also highlighted that its overall plan is to automate scalable security processes together with decentralization that involves the whole community because it believes that codebases grow much faster than human auditors.

Decentralization can increase security in some situations by distributing data, processing capacity, and decision-making authority among numerous individuals. This makes it more challenging for nefarious actors to control or exploit the system.

In addition, decentralized systems can be more resilient to system failures because the network can keep running even if some nodes go down. However, it’s important to note that decentralization alone does not guarantee security, and it also depends on the design and implementation of the system.

Besides Sec3, Certik is another blockchain security firm that has received funding in recent times. CertiK raised up to $88 million in a Series B3 funding round led by Insight Partners, Tiger Global, and Advent International.

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