Web3 Builders сryptosecurity startup raised $7 million in seed funding
Web3 Builders Inc., a crypto security startup, has raised $7 million in a funding round backed by Road Capital, OpenSea Ventures and Global Founders Capital.
Riccardo Pellegrini is the CEO of Web3 Builders. He is a former head of product at Amazon Web Services. The funding round was oversubscribed as the startup originally planned to raise $5 million.
Web3 Builders was launched this year. Pellegrini has been raising funds since April to create the first cybersecurity product. It should be noted that he has a serious experience in attracting large investments. Pellegrini previously served as VP of Product at RapidSOS and Tomorrow.io, which received $206 million and $184 million in funding, respectively.
Web3 Builders aims to make the decentralized Internet as safe as possible for users. According to Pellegrini, the company works closely with people affected by crypto criminals in the process of developing tools.
What became clear to us in doing so is that most folks are getting scammed, not as part of these massive hacks, but as a result of micro scams. For example, this could be a phishing link that leads them to a wallet drainer site or a dangerous signature request that they accidentally sign,— emphasized the founder of the startup.
Web3 Builders experts have developed the TrustCheck tool to prevent crypto scams. This is a Chrome extension that works in the background and notifies users of possible risks when they visit a website or make a transaction.
The tool is based on machine-learning technology and a variety of on-chain and off-chain data sources to search for suspicious wallets, URLs or activity, including static analysis of website code. Pellegrini notes that not only global fraudulent schemes are dangerous for users: “the way most people are getting scammed is a direct message on Twitter or Discord that takes them to a phishing site that leads them to a wallet drainer.”
Initially, TrustCheck will be free for users. In the future, the company plans to create a paid business version for integration with Web3 organizations' platforms and apps. The investments attracted by Web3 Builders will be spent on developing new tools for crypto companies and expanding the staff, which now includes nine people.
