Bloomberg reported Tuesday that Halborn, a Miami-based blockchain security company, raised $90 million in Series 1.
Summit Partners led the round and Brevan Howard, Digital Currency Group, Castle Island Ventures, and Digital Currency Group were included. The round’s value has not yet been disclosed.
Recent crypto startups had to raise capital at lower valuations. Crypto investments have been declining as the prices of cryptocurrencies like Bitcoin, Ether and others hit new lows.
In an interview with Bloomberg, Matthew Hamilton, Summit Partner’s managing director, stated that security services demand will rise over time because the crypto industry is still emerging.
Yesterday, the FBI published an estimate of $42.7 million in losses due to crypto-related cybercrime. It identified 244 victims.
Halborn and other companies aim to minimize risk in this space and prevent hackers.
Halborn was founded in 2019, and now has over 50 employees that work with many companies, including Solana and Coinbase. They also work with companies that don’t have crypto-native brands, such as Nike and Amazon, to help them learn about crypto. The company offers advice to financial institutions, family offices, VCs, and other stakeholders on mitigating risks.