The Israeli company has developed an automated economic security system for crypto protocols.
Israeli automated economic security system for crypto protocols developer Chaos Labs today announced the completion of a $20 million seed financing round. The funding was led by Galaxy and PayPal Ventures, with participation from Coinbase, Uniswap, Lightspeed, Bessemer, and angels such as Balaji Srinivasan and Naval Ravikant.
Chaos Labs will use the funding to expand and develop its suite of risk and security products. In its first year of operations, Chaos Labs has partnered with major Decentralized Finance (DeFi) customers, including Aave, Chainlink, Uniswap, BENQI, and Osmosis, to secure and optimize the protocols against manipulation and black swan market events, while also offering capital optimization recommendations.
Chaos Labs founder and CEO Omer Goldberg said, “As the world moves from the opacities of traditional finance to a more open DeFi system, financial risk management must advance accordingly. At Chaos Labs, we believe that every DeFi protocol must regularly conduct robust risk testing to verify and validate that their economic system is secure against hackers and unanticipated volatility. We’ve built a team of expert security and infrastructure engineers, and we’re working to solve for this by bringing world-class security and risk practices in running simulations of millions of economic scenarios on-chain.”
Published by Globes, Israel business news – en.globes.co.il – on February 21, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Omer Goldberg credit: Sophie Sahara