Web3Firewall aims to use machine learning and AI to quickly detect malicious transactions.
Fusing AI and blockchains is a narrative that continues to permeate the crypto industry.
AI-powered Web3Firewall has closed a $2.5 million pre-seed funding round led by Nomura-backed Laser Digital, gumi Cryptos Capital (gCC), and SPEILLLP, a member of Susquehanna International Group.
Web3Firewall is an enterprise-grade security and compliance platform. According to a press release shared with The Defiant, the firm’s software can be easily integrated with APIs, detecting and responding to malicious transactions and AML/KYC threats before they occur.
This happens thanks to its proprietary AI models and machine learning, which simulate transaction outcomes.
“Artificial Intelligence can reduce the risks associated with Web3 transactions by detecting fraud, money laundering, scams, and other illegal activities,” said Samer Fayssal, CEO of Web3Firewall.
He explained to The Defiant that Web3Firewall’s advanced machine learning scans for transaction anomalies and identifies real-time threats to proactively prevent illicit transactions before they hit the blockchain.
Web3Firewall Enterprise is currently in a beta testing phase and is due to launch onto the market in Q2 this year.
Marrying AI and Blockchain
There’s actual substance behind the crypto-AI mashup.
As a number of AI-related projects have been popping up in the crypto space, the sector’s market cap has grown to a staggering $25 billion.
Bittensor, Fetch, SingularityNET, and Ocean lead AI and crypto platforms. The latter three recently merged assets in hopes of accelerating decentralized AI development.
For Fayssal, the convergence brings clear benefits.
“Blockchain’s beauty lies in its decentralized ledger, which offers AI models unparalleled access to secure and reliable data,” he said, pointing out that the former can enhance transparency and the verifiability of user data within AI systems, which would be a step forward in preserving user privacy using the decentralized model.”
Fayssal added that his firm’s AI-blockchain combination can also automate decisions and guide users through an ever-evolving regulatory landscape, providing an additional use case.
Laser Digital Continues to Expand
Nomura-backed Laser Digital has been in the headlines of late, broadening its reach in the digital asset industry.
On March 27, the firm unveiled an institutional Polygon adoption fund embracing liquid staking, and on March 19, it revealed a successful USDC transfer with Keyring Network, highlighting with a proof of concept that large entities are experimenting with crypto-compliant tools.
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