Immunefi, a reputed decentralized finance (DeFi) platform for handling bug bounties, has raised a Series A funding figure of $24 million.
Framework Ventures led the round, followed by the likes of Polygon Ventures, Third Prime Ventures, Samsung Next, and other prominent names in the space.
The number of DeFi hacks has increased over the past few months, with the $160 million Wintermute hack being the latest to surface. At a time like this, the rise of bug bounty firms like Immunefi, which encourage and incentivize ethical hacking, might therefore be just what the DeFi space needs. Ethical hackers submit bug reports that help blockchains identify vulnerabilities and review code.
As of now, Immunefi is already associated with the likes of Compound, Chainlink, MakerDAO, Bancor, and other DeFi-specific platforms. It currently helps shield over $100 billion worth of user funds.
Mitchell Amador, Founder of Immunefi, told Decrypt that security will have a major role for the Defi space to grow and succeed. For Web 3.0 to scale, trust and security will be very important, he added.
Immunefi has reportedly paid $60 million in total when it comes to bounties. The company also plans to put together an education platform, and new tooling features to its repertoire.