The round was led by private equity firm Summit Partners and included Castle Island Ventures, Digital Currency Group, and Brevan Howard. The round’s valuation has not been disclosed.
Crypto startups have recently had to raise money at lower valuations, with crypto investments drying up as prices of cryptocurrencies like Bitcoin and Ether hit new lows.
But demand for security services will increase over time since the crypto industry is still young, said Matthew Hamilton, managing director at Summit Partner, in an interview with Bloomberg.
Yesterday, the FBI published a report in which it identified 244 victims of crypto-related cybercrime since the end of December, with an estimated loss of $42.7 million.
Companies like Halborn aim to mitigate risk in the space and prevent hacks.
Halborn was founded in 2019 and has a staff of over 50 that works with a range of companies like Coinbase and Solana. The team works with non-crypto native brands like Amazon and Nike as well, to educate the companies on how to use crypto. The company also advises financial institutions, family offices, and VCs on mitigating risk.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Anushree covers how U.S. businesses and corporations are moving into crypto. She has written about business and tech for Bloomberg, Newsweek, Insider, and others. Reach out on Twitter @anu__dave