The Miami-based blockchain security company – Halborn – closed a $90 million Series A financing round. The initiative comes at a time when numerous venture capital firms have withdrawn their interest in the crypto sector due to the downturn of the market.
Pushing Forward Amidst the Crypto Winter
In an interview for Bloomberg, Halborn disclosed that the multi-million financing was led by prominent investors such as Summit Partners, Brevan Howard, Digital Currency Group, and Castle Island Ventures. However, the company declined to reveal how the endeavor affected its valuation.
Halborn’s Chief Executive Officer – Rob Behnke – said his organization believes in the future of cryptocurrencies, and their unsatisfying performance in recent months will not change that:
“The price of crypto has nothing to do with our business. What really matters is that the entire industry is growing.”
Hackers have recently breached multiple crypto projects, which has led to increased interest in Halborn’s services. Behnke outlined that his firm spotted a flaw in MetaMask when wrongdoers targetted users of the digital wallet under the pretext of KYC compliance.
“We’ve held onto that for like almost a year until they had it fixed,” said Steve Walbroehl – Halborn’s Co-Founder and Chief Information Security Officer.
It is worth noting that the blockchain security firm collaborates with Coinbase and Ava Labs. It also provides educational services to non-crypto entities, including Amazon, Nike, and BNY Mellon, on how to use and secure digital assets.
“They really want to make sure they don’t get hacked and lose all their money,” Behnke stated.
Who Else Advances?
Last week, the London-based layer one blockchain firm – 5ire – closed a $100 million fundraiser that boosted its valuation to $1.5 billion. The company vowed to use the funds to strengthen its presence in North America, Europe, and Asia and welcome more members into its team.
Prior to that, the American crypto platform – FalconX – raised $150 million at a valuation of $8 billion. The investment will aid the entity’s ambitions to develop its services.
Last but not least, Animoca Brands secured a $75 million financing round led by Liberty City Ventures, Winklevoss Capital, and Soros Fund Management. After the initiative, the gaming platform’s valuation surged to almost $6 billion. Speaking at the time was Yat Siu, who said the bear market could be the right time when successful investments are made.
“Of course, we have to be a bit more prudent, but we have a long-term vision for this space and are both committed and patient,” he added.