DeFi Defender Sherlock Raises $1.5M
Sherlock, a new lease on risk assessment for decentralized finance projects, is gaining momentum, raising $1.5 million in pre-financing.
The project team is working to protect DeFi users from possible smart contract exploits. The preliminary round of funding was led by IDEO CoLab Ventures. It was also attended by DeFi Alliance, A. Capital, Scalar Capital, and other strategic partners.
Sherlock's main goal is to protect DeFi from potential protocol hacking. To do this, the project conducts a detailed analysis of the security of representatives of the decentralized finance industry, allowing the crypto community to obtain comprehensive data about them.
According to representatives of Sherlock, DeFi has great potential to become one of the main benefits given to humanity by the crypto industry. However, as it grew rapidly, the DeFi industry faced scalability and security concerns. Therefore, the team decided to devote all efforts to make the industry more reliable and attractive, both in the eyes of potential investors and the already existing user base.
Since no project can 100% solve the problem of exploits in the industry, the Sherlock team will focus on risk management, not prevention. In addition, the mutually beneficial work of security experts with capital providers will help make sure that the former is comfortable delegating their funds, and the latter benefit from their work on analyzing vulnerabilities.