Web3 security company Firewall completes seed round financing, creating a "programmable" security firewall

On March 7, Web3 security startup Firewall announced the completion of a $3.7 million seed round of financing, co-led by North Island Ventures, Breyer Capital and Hack VC. Firewall improves the usability of smart contract technology by eliminating loopholes in the smart contract network through an innovative consensus mechanism.

Firewall’s two founders were employees number one and number six at Staked, a staking company that was later acquired by Kraken. Over the past six years, the team has provided institutional clients with the infrastructure to process billions of dollars in funds and has used their experience to drive the growth of POS and DeFi. Now, the founders are leveraging their past experience to address what most consider to be the last major hurdle to full acceptance of digital assets in traditional financial systems.

Devan Purhar, co-founder of Firewall, said: Firewall is building the security shield that will enable ordinary people to use the next generation of the Internet. Today, billions of dollars are stolen, and these irreversible transactions are classified as theft. Current Crypto The state of the web suffers from similar issues as the early internet, namely a lack of necessary security infrastructure. Our focus is not on making improvements at the fringes of the security industry, but on making the necessary paradigm shift for blockchain usability. We designed a fundamentally solutions and create programmability. Fundamentally, we make the concept of security vulnerabilities a thing of the past.

Firewalls technology introduces programmability similar to a digital version of traditional network firewalls. It extends Rollups to use programmable transaction finalization rules that act as automated checkpoints, stepping in to block harmful transactions before data is finalized by a DA layer like EigenDA or Celestia. The founders envision that Firewall will become part of every smart contract, acting as an embedded security system that intelligently protects against threats.

Firewall co-founder Sam Mitchell said: Firewall uses real-time algorithms to pre-filter vulnerabilities in blocks. We then fix vulnerabilities that automatically bypass pre-filter checks by leveraging programmability. Detection at this stage may involve AI model or Social Consensus, so it will take a long time. Mitchell also emphasized: Although institutions that manage trillions of assets are interested in the advantages of smart contracts, they need a safe environment to invest and can use smart contracts for institutional clients. Creating comfort will be a key point for widespread adoption of digital assets.”

In addition to the founders, the core team has been widely appreciated for successfully leveraging artificial intelligence in cryptographic threat detection at OpenZeppelin and Forta, and plans to further revolutionize the security space with Firewalls comprehensive approach to security. Firewalls initial focus is on the Rollup segment and is aligned with building unmanaged and trustless solutions. The funding will help Firewall expand its team and create a community to build firewalls for EVMs. Long-term plans include developing coordination mechanisms to integrate Social Layer directly into Firewall.

Travis Scher, managing partner at North Island Ventures, said: “We believe the main barrier to mainstream adoption of cryptocurrencies is the current security paradigm, where a single vulnerability can result in the total loss of a user’s funds. Firewall’s solution prevents such losses, We are delighted to have supported such an important company from the outset.”

The round was co-led by North Island Ventures, Breyer Capital and Hack VC, with participation from Finality Capital and angel investors including Staked’s Tim Ogilvie, Synthetix’s Kain Warwick and Jordan Momtazi, Anchorage’s Nathan McCauley and AltLayer’s Yaoqi Jia. cast.

Ted Breyer of Breyer Capital said: Firewall is making blockchain more secure for users, developers and institutions. We see this will be a new era of increasing the utility of smart contracts, and we are excited to support the team.

As global cryptocurrency markets continue to evolve, driven by Bitcoin ETFs and the expected Ethereum ETF, and come under regulatory pressure, it’s time for crypto networks to become “bulletproof.” Trillions of dollars are still on the sidelines, afraid of using smart contracts. Firewall’s “programmability” effectively neutralizes vulnerabilities and provides the security needed to unlock these assets, paving the way for cryptocurrencies to transform the global financial system.

About Firewall

Firewall is committed to making smart contract technology safe to use in daily life by solving smart contract vulnerabilities. Firewall is a network firewall-like solution applied to a modular blockchain ecosystem.