PayPal, a global payments giant, and Galaxy, an investment management firm, have joined forces to provide Chaos Labs with $20 million in seed capital. Based in New York City, their cloud platform specializes in securing blockchain technology from external threats and risks. The software is specifically designed to protect crypto protocols against market exploitations or manipulation events by offering agent-based and scenario-based simulations. With this new funding round comes increased security for users looking to invest or explore blockchain options!
Big Names of the Crypto World Participated in Seed Funding
Chaos Labs‘ seed funding campaign has sought to further develop its automated on-chain risk optimization. The funding round was attended by 23 organizations, as well as six individual angel investors, including Coinbase Ventures, Polygon, Avalanche, OpenSea UniSwap, and Balaji Srinivasan.
According to Chaos Labs founder and CEO Omer Goldberg, financial risk management strategies must evolve with the decentralized finance (DeFi) landscape. He stated that “every DeFi protocol should consistently perform thorough risk testing to guarantee its economic system remains safe from malicious hackers and unexpected volatility.” Furthermore, their official website reveals how their comprehensive risk suite can help protect DeFi protocols against potential risks by increasing capital efficiency, strengthening safety measures & streamlining assessments.
PayPal Is Known to Be A Very Interested Company In Cryptocurrency
PayPal made it clear that they are committed to the crypto sphere when news broke that it had invested a substantial portion of its financial assets into digital currencies available on its platform.
According to Cointelegraph, PayPal had a grand total of $604 million in different digital currencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash by the end of 2022. This data was uncovered from their annual report filed with the United States Securities and Exchange Commission on February 10th. Out of that enormous sum, $291 million came from Bitcoin alone, while another $250 million belonged to ETH. The other remaining portion – an impressive amount totaling approximately sixty-three million dollars – is shared between Litecoin and Bitcoin Cash combined!
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