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Shield, a security firm that specializes in Web3 technology, has secured $2.1 million in pre-seed funding to create an industry-standard security solution that safeguards businesses and consumers from potential cyber threats. The company aims to address the growing need for secure and reliable protection in the Web3 ecosystem, which is vulnerable to attacks and scams due to its decentralized nature. With this funding, Shield plans to develop and implement cutting-edge security measures to prevent fraudulent activities and ensure the safety of Web3 users.

The company, which is a member of crypto investment firm a16z's Crypto Startup School, secured funding from a group of investors that included Kraken Ventures, Eterna Capital, Alchemy, MoonPay, and Rob Behnke, CEO of the crypto security firm Halborn.

According to Emmanuel Udotong, the CEO and co-founder of Shield, the company's objective is to establish an industry standard that ensures secure operations for businesses in the Web3 space.

Shield initiates its services with a certification program that aids enterprises in identifying their potential weaknesses and provides recommendations for safeguarding their users. At present, Shield provides an API for detecting potential scams within a protocol and a Discord bot for monitoring malicious activities in the community.

According to Shield's Chief Operating Officer and co-founder, Isaiah Udotong, the security concerns that are imperative for Web3 are reminiscent of the challenges encountered by users during the nascent stages of the internet.

“In the early 2000s e-commerce scammers were stealing credit card details from people when they were entering credit cards to buy products online,” said Udotong. “That problem was solved with a secure sockets layer (SSL), and that's what we're doing in 2023 – we're building a scam-free layer for crypto.”

As per Luis Carchi, the Chief Technology Officer of Shield, Web3 security is multi-dimensional and demands a varied range of products to ensure the safety of businesses operating within this domain.

“We aren't trying to be ‘the Chrome extension,’ or ‘the Discord bot,’” said Carchi. “We're actually thinking about this from a full-stack point of view, and we’re being as holistic as possible.”

With its impressive clientele comprising Fox Sports, Rarible, an NFT marketplace, and Guild.xyz, a token-gated infrastructure platform, Shield has already garnered a user base of more than 350,000.

The funding obtained by Shield will primarily be utilized to expand its engineering team and allocate resources towards research and development, as the Web3 technology landscape continues to evolve, alongside the increasing sophistication of scammers.

Source Coindesk