Investment of USD 24 million in Portugal Decentralized Finance start-up Immunefi
Digital Investment News Portugal – The start-up Immunefi, which specializes in securing cryptocurrencies against hackers, has boosted its investment in Portugal by securing funding through US company Framework Ventures. The venture capital fund will enable the company to work on securing blockchain applications through Decentralized Finance (DeFi).
DeFi is an emerging financial technology based on blockchain, that is also used for cryptocurrencies. Since the DeFi infrastructure is constantly evolving, the use of this peer-to-peer financial network is linked to a high risk of fraud and scams despite its security protocols.
Immunefi, which is located in Lisbon, developed a digital platform for providing a bug bounty to its white-hat hackers that detect weaknesses and lead to enhancing cybersecurity. Its team, that specializes in hacking practices, focuses on securing funds that pass-through cryptographic systems by detecting weaknesses within the system. With the emerging use of Web3, which incorporates block-chain technologies, comes the difficulty of regulating a decentralized web that makes it more difficult to prevent cybercrime.
The success rate of Immunefi is due to the increase of financial hacking and it is now developing its activities by recruiting more white-hat hackers. Since the start of its operations, its use of the bug bounty solution has already saved USD 25 million in user funds blocked in smart contracts. The company also paid-up to its white-hat employees an amount of USD 60 million as rewards to programmers that reveal codes that threaten cybersecurity.
With Portugal attracting more investments in the industry of Digital Technology, the field of financial cybersecurity is becoming more and more relevant with the use of Decentralized Finance on Web3, ensuring increasing success for Immunefi.
Source:
www.portugalbusinessesnews.com/post/portugal-investment-decentralized-finance