CertiK, a well-known entity in blockchain security solutions, announced the introduction of CertiK Ventures, a new initiative aiming to support emerging on-chain platforms.
CertiK Ventures will focus on promoting “security-first projects,” participating in venture capital (VC) rounds and establishing ecosystem partnerships.
Jason Jiang, Chief Business Officer of CertiK, commented on the importance of the initiative and its impact on Web3:
“The launch of CertiK Ventures is a pivotal part of our mission to secure the Web3 world. By combining our years of expertise in blockchain security with strategic investments, we aim to accelerate the growth of innovative projects that will shape the future of the industry.”
Related: Alex bridge on BNB Smart Chain drained of $4.3M after suspicious upgrade — CertiK.
Supporting blockchain growth
CertiK Ventures’ portfolio includes companies such as Pantera, LINE, Sei, Hashkey Capital, WEMIX, Dora Hacks, Meta Era, Playbux, Shima Capital, SevenX Ventures, Borderless Capital, and Ling Feng Capital.
CertiK Ventures will leverage CertiK’s blockchain security to provide resources and expertise to its portfolio companies, aiming to support the “development and deployment” of blockchain technology.
Speaking with Cointelegraph about the challenges ahead, a CertiK spokesperson said:
"The primary challenge is exposure to the volatile market dynamics of the crypto industry. However, our experience in navigating multiple market cycles equips us to manage these fluctuations effectively and capitalize on favorable conditions."
Related: Crypto losses from fraud and hacks declined 12% in May — Immunefi
Focus on security
CertiK, founded in 2018, is focused on blockchain security and has acquired several technology-focused heavy-hitter investors, including Sequoia Capital, Goldman Sachs, Tiger Global, and Insight Partners.
CertiK has detected over 60,000 vulnerabilities, including a recent $5 million Wormhole security flaw caused by a “critical bug” in the open-source multichain bridge.
The blockchain security firm has also secured over $380 billion in digital assets, working with over 4,500 prominent blockchain projects, including Ripple, Polygon, TON, BNB Chain, Sandbox, and Aptos.
Related: Key Web3 trends showcased at Token2049 Dubai: Here’s a recap
Expanding horizons
Speaking with Cointelegraph about how CertiK will mitigate centralization risks and prioritize decentralization in its portfolio companies, the CertiK spokesperson said:
“In our work [...] we’ve learned what it takes to succeed in Web3. We also know what can end a project before it even begins: insufficient security, often arising from centralization that is then exploited. We prioritize platforms that adopt meaningful security and decentralization measures."
CertiK’s move to support blockchain development reflects a broader industry narrative, one that is still “very early,” according to Trust Wallet’s head of engineering, Luis Ocegueda.
In an interview with Cointelegraph, Ocegueda explained that the technology underlying blockchain is still being developed but has yet to be turned into “a cohesive product or cohesive experience.”
Update (May 31, 20:30 UTC): This article has been updated to include comments from CertiK’s spokesperson.
Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue