Sentinel Protocol Raises Us$ 27 Million; Investors Include Draperdragon And Boost VCby Company Announcement June 20, 2018
Sentinel Protocol – a crowdsourced threat intelligence platform built on the blockchain, announced that is has raised US$ 27 million from investors including DraperDragon, Boost VC; and a public sale.
Sentinel Protocol is building a blockchain-based threat intelligence platform that defends against hacks, scams, and fraud using crowdsourced threat data collected by security experts and Artificial Intelligence.
To improve crypto asset security, specifically, the decentralized Threat Reputation Database (TRDB) will be available as a free API to crypto exchanges, wallets and payment services in 2018 Q3. Instant threat data sharing and defense line among platform participants will prevent the use of stolen cryptos, discouraging malicious behavior and ultimately lessening the motivations.
A core member of Draper Venture Network, DraperDragon Digital Assets Fund mainly focuses on investing in US-China cross-border startups and counts legendary venture capitalist and investor Tim Draper as a special limited partner. While managing several RMB, USD, and Digital currency funds, DraperDragon participated in the early investment of VeChain, Aelf, Ledger, Telegram, and etc in the blockchain sector.
According to Larry Li, Managing Director of DraperDragon Digital Assets Fund, his firm is confident that Sentinel Protocol’s blockchain-based security data sharing platform will solve the critical security issues crypto users and organizations are facing.
“The blockchain technology, despite its potential to revolutionize various industries, like any new technology is prone to security threats by malicious actors which – if left unchecked – can undercut the transformational benefits such technologies hold.
With our experience in nurturing the growth of innovative Asian start-ups since 2005, we fully believe that Sentinel Protocol’s approach and direction will full advantage of the blockchain’s true potential for cybersecurity,”
said Bobby Chao, Managing Director of Draper Dragon Fund.
Boost VC is the #1 accelerator in the world for Crypto and VR startups – having previously invested in Coinbase, Tezos, Ledger, and Etherscan, among others. Boost VC’s co-founder and Managing Partner Adam Draper was an early investor and believer in Bitcoin and blockchain companies.
“The work Patrick is doing for security in the crypto space is phenomenal”,
said Adam Draper, Founder and Managing Director of Boost VC.
“We loved his idea, loved his vision, and we believe his company has the capacity to make a significant impact in light of the proliferation of cryptocurrency as an asset class.”
It is estimated that over the last four years, USD10 billion has been stolen in cryptocurrency attacks and hacks. As the market capitalization and volume of transactions grows, crypto exchanges and wallets only become more tempting targets for criminals. Sentinel Protocol is set to change the way the world approaches cybersecurity.
Their team of white-hat hackers, code-breakers and cryptographers is determined to protect the cryptocurrency space by compiling data on suspicious transactions, dangerous malware and phishing attacks. Both identified and unidentified threats will be analyzed and stored on the blockchain with integration to crypto wallets and exchanges – which means suspicious activity can be flagged and shut down before a transaction happens.
Featured image via https://sentinelprotocol.io/