Report paints bright picture of India’s Web3 development

Web3 Security Startup Blockaid Raises $33M in FundingIsraeli enterprise Blockaid, a Web3 security startup founded by two former Israeli military cyber intelligence personnel, has secured a total of $33 million in funding.The recent Series A round of $27 million was led by Ribbit Capital and Variant and saw participation from Cyberstarts, Sequoia Capital, and Greylock Partners. This funding totals $33 million when consolidated with an initial $6 million seed round.Photo by Shubham’s Web3 on UnsplashSecuring Web3 against threatsBlockaid offers comprehensive Web3 security solutions designed to combat crypto fraud, phishing, and hacks. Its approach involves the examination of both on-chain and off-chain transactions. In this way, the firm is seeking to set itself apart from competitors like CertiK and Cyvers.The company’s decentralized application (dApp) Scanning Engine simulates and validates blockchain transactions before they are executed. This process takes place within Blockaid’s dApp Scanning Sandbox, which also assesses the potential maliciousness of interactions and dApps.Since its inception in September 2022, Blockaid claims to have successfully scanned over 450 million transactions, preventing over 1.3 million attacks and safeguarding more than $7.1 billion in assets. Furthermore, the Israeli startup’s efforts have averted losses of over $500 million in the Web3 ecosystem.Recent success storiesOne notable success story involves the prevention of a phishing attack targeting Ethereum co-founder Vitalik Buterin’s X (formerly Twitter) account. Due to Blockaid’s security measures, users’ wallets remained protected, though unsecured wallets with approximately $700,000 in assets, including valuable NFTs, suffered losses in the attack. Blockaid has been involved in enhancing security for prominent platforms, including MetaMask, OpenSea, Zerion Wallet, and Rainbow Wallet.With the newly acquired funds, Blockaid aims to expand its client base and meet an increasing demand for its security solutions. Ido Ben-Natan, co-founder and CEO of Blockaid, expressed confidence in their ability to support both existing and new customers during these market conditions. Blockaid operates from New York and Tel Aviv and plans to bolster its workforce by hiring additional personnel across various functions.Addressing the Web3 security challengeThe significance of Blockaid’s work becomes even more apparent when considering the current challenges in the Web3 space. In recent years, the Web3 sector has faced a rising tide of fraud, phishing attempts, and hacks. As noted by Ben-Natan, Web3 has experienced staggering losses, with $14 billion stolen in just one year, surpassing losses in all non-crypto cyber-crime combined. Additionally, one in ten decentralized applications (dApps) has been identified as malicious, making even crypto-savvy users susceptible to malicious actors.Furthermore, there is a growing concern about nation-state actors actively targeting and stealing user funds for their economic gain. In this adversarial and uncertain environment, the usability and security of Web3 must be enhanced to unlock its full potential. Blockaid’s innovative security tools aim to provide the necessary protection for Web3 builders and users.There’s no doubt that Web3 has to become more seamless and far more secure if it is to appeal to the mass market. In its blog post announcing the funding round, the project stated:”We believe that users shouldn’t have to know they’re interacting with crypto. We believe that web3 should just work, and work securely.”

Fair Weather Day for Rain With Abu Dhabi License ApprovalRain, the cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, has scored a significant regulatory win in the United Arab Emirates (UAE). On Tuesday, the Abu Dhabi unit of Rain secured a license to operate as a virtual assets brokerage and custody service within the country.Photo by Agnieszka Kowalczyk on UnsplashCoinbase backingHeadquartered in Bahrain and backed by Coinbase, Rain’s Abu Dhabi Global Market financial free zone entity will now have the authority to offer virtual asset services to institutional and select retail clients in the UAE. This includes the ability to facilitate the buying, selling, and custody of cryptocurrencies.According to Co-Founder Yehia Badawy, the newly acquired license brings additional advantages to Rain. Notably, the exchange will be able to open a bank account in the UAE, simplifying fund management for its clients who can now utilize the local payment network.For Rain, this regulatory approval holds particular significance, as it addresses the hesitancy among local asset managers to engage with crypto firms lacking a domestic license. With this stamp of approval, these managers are expected to feel more at ease collaborating with Rain, thus expanding the potential demand from institutional investors.$500 million valuationRain has been gaining traction since its establishment in 2017 by Badawy and three other co-founders. Kleiner Perkins and Coinbase Ventures, two prominent investors from Silicon Valley, have backed the exchange. Both participated via a Series B funding round in January 2022 that saw Rain raise $110 million. Interestingly, Rain’s leading investor, Coinbase, also expressed an interest in developing a base in Abu Dhabi in recent months.There has been a lot of speculation in recent times with regard to where Binance, the world’s largest cryptocurrency exchange, is headquartered. Although still not certain, many believe that Abu Dhabi provided that base for the company. Meanwhile, US-headquartered cryptocurrency exchange Gemini, is working towards establishing a base in the UAE.Overcoming challenging market conditionsLast year’s Series B fundraise resulted in the company achieving a valuation of $500 million. The funds from that round were earmarked for the expansion of Rain’s operations throughout the region. Later that same year, the company laid off dozens of employees as bear market conditions within the digital assets space began to bite. As market conditions worsened later that year, the firm announced a fresh round of job cuts in September.The UAE has been positioning itself as a crypto-friendly destination, aiming to attract major players in the cryptocurrency industry. By enabling cryptocurrency payments in sectors like real estate and education, the UAE has spurred adoption rates and transaction volumes. Additionally, the country has been actively working on developing virtual asset regulations to accommodate new business opportunities in a highly competitive Gulf region.Rain’s recent licensing achievement signifies a significant milestone for the exchange and contributes to the UAE’s ongoing efforts to establish itself as a leading hub for the cryptocurrency sector.

Shinhan Bank to issue NFTs at 2023 Blockchain Grand Week in SeoulShinhan Bank, one of South Korea’s leading financial institutions, is set to issue non-fungible tokens (NFTs) and operate a promotional booth in celebration of its participation in the upcoming 2023 Blockchain Grand Week, scheduled for next Wednesday, according to a report by local news outlet Newspim.The Blockchain Grand Week, an annual event since 2018, is hosted by the Ministry of Science and ICT and organized by the Korea Internet and Security Agency (KISA), the National IT Industry Promotion Agency (NIPA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP). Its objectives are to increase public awareness of blockchain technology and to facilitate the broader adoption of its ecosystem.Photo by Pete Linforth on PixabayNFTs to first 2,000 visitorsThe event is set to take place at the Convention and Exhibition Center, better known as COEX, in Seoul over two days. It will feature a conference centered around the theme “Adding Trust to Digital Platforms” and will include several academic seminars. Various blockchain companies will also be showcasing their products and services at their respective booths. For this event, Shinhan Bank is collaborating with Hexlant and Vircle to introduce their NFT project. They also plan to offer NFTs to the first 2,000 visitors to their booth.The NFTs will be distributed through Shinhan Bank’s NFT wallet, SOL Wallet, and will come with practical perks such as tickets for events at the booth and coffee coupons. Furthermore, these NFTs will be transferable to others.A representative from Shinhan Bank expressed hope that visitors will have the opportunity to experience the bank’s NFTs and gather diverse information related to blockchain technology. The official also emphasized the bank’s commitment to continually developing and introducing blockchain services that can be integrated into customers’ daily lives.Shinhan Bank’s endeavors in blockchainShinhan Bank’s efforts in the blockchain sector have been marked by various accomplishments in recent years. In 2021, the bank received the Ecosystem Transformation Award at the Enterprise Blockchain Awards, now known as the Web3 and Blockchain Transformation Awards (W3B Awards). This January, Shinhan integrated the SOL Wallet service into its financial services application. The bank remains dedicated to spearheading client-centric blockchain initiatives, one such effort being the development of NFT technology in collaboration with Hexlant and Vircle for corporate marketing purposes.Prohibition on discussing virtual assetsMeanwhile, there has been some dissatisfaction among industry insiders regarding the event’s restrictions. Those operating booths are prohibited from mentioning virtual assets in their projects. The application form for booth holders explicitly stated that exhibitions related to virtual assets are not allowed. This cautious approach is believed to be a response to recent cryptocurrency scandals, such as the $40 billion Terra-LUNA crash and the controversy surrounding a Korean lawmaker’s crypto holdings.