Feb 22, 2023
PayPal & Galaxy Invest $20M in Cloud Platform for Securing Blockchains & Protocols
PayPal, the payments giant, and Galaxy, the investment management firm, recently announced a joint venture to raise $20 million in seed funding for Chaos Labs, a cloud platform for blockchain and protocol security based in New York.
Chaos Labs’ automated risk management platform is designed to protect crypto protocols from external exploits and risks. It does this by providing agent and scenario-based simulations to secure protocols from economic vulnerabilities and market manipulation events. The seed funding will help Chaos Labs further automate on-chain risk optimization.
The funding round was supported by 23 organizations and six angel investors, including Coinbase Ventures, Polygon, Avalanche, OpenSea, UniSwap, and Balaji Srinivasan. Omer Goldberg, the founder and CEO of Chaos Labs, said that financial risk management must be upgraded to meet the needs of decentralized finance (DeFi) ecosystems.
Chaos Labs’ risk suite is designed to help protect DeFi protocols through optimized risk and capital efficiency, streamlined risk assessments and streamlined risk assessments.
PayPal’s interest in the crypto space is evident from its annual report filed with the United States Securities and Exchange Commission on February 10. The report revealed that PayPal held a total of $604 million in various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Bitcoin accounted for $291 million of the company’s assets, with $250 million in ETH. The remaining $63 million includes Litecoin and Bitcoin Cash combined.
The seed funding for Chaos Labs is a major development in the world of web3 and NFTs. With an automated risk management platform, Chaos Labs can help protect crypto protocols against external exploits and risks. This could be a major boon for NFTs and NFT marketing, as it can help protect digital assets from malicious actors.
Moreover, the seed funding could also help Chaos Labs develop its NFT promotion and marketing capabilities. The company could potentially become a major player in the NFT marketing agency space, offering services such as Twitter NFT marketing, NFT promotion, and more.
It could also help Chaos Labs become a major web3 agency, offering services such as selling NFTs, helping companies to launch their own NFTs, and more. With the seed funding, Chaos Labs is well-positioned to become a major player in the NFT and web3 space.
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