Decentralized IT security marketplace PolySwarm today announced an investment from leading cryptocurrency investment firm, BlockTower Capital. The company, whose objective is to incentivize information security experts to build anti-malware engines that compete to protect against threats, last Monday announced that Los Angeles-based startup studio, Science Inc. would be investing in its plans to disrupt the USD 8.5 billion cyber threat intelligence industry.
BlockTower Capital launched in August, raising $140 million from backers including Union Square Ventures LLC and Andreessen Horowitz to bring professional trading and portfolio management to emerging digital assets.
Polyswarm will join the Science Inc. portfolio alongside brands like Medium, Dollar Shave Club, and Wealthfront, and will be primarily supported by the fintech incubator Science Blockchain, said the company’s statement.
Polyswarm’s founders are also behind Narf Industries LLC, which recently completed a blockchain-based identity management and security project for the US Department of Homeland Security and DARPA, the advanced research division of the US military.
The platform aims to disrupt the existing subscription based digital security services model and instead reward users for reporting malware threats as they happen and developers for designing and implementing effective protections, making the battle against malicious code safer, faster and more cost effective, according to the statement.
The Polyswarm advisory board includes former McAfee CIO Mark Tonnesen alongside a host of cybersecurity experts including Dan Guido, Chris Eagle, Dr. Sergey Bratus, and Carl Hoffman, stated the company.
CEO of PolySwarm Steve Bassi said, in a statement: “BlockTower Capital’s support is a huge vote of confidence for PolySwarm’s mission to decentralize IT security through cryptocurrency-based incentives,” said Steve Bassi, CEO of PolySwarm, in a statement. “We look forward to building on this momentum as we prepare for our public token sale launching February 20.
Science Inc. and Science Blockchain’s investment in PolySwarm reinforces the call for disruption in the threat detection industry. We look forward to putting Science’s investment to good use as we build a global network of security experts to tackle today’s increasingly sophisticated malware.”
The PolySwarm market runs on Nectar (NCT), an ERC20-compatible utility token.
To learn more about Polyswarm, visit https://polyswarm.io/.
- FED Chairman Offers Lukewarm Response On Impact, Utility Of Existing Cryptocurrencies - July 20, 2018
- Boeing Brings In SparkCognition For Help Developing UAV Management Systems - July 19, 2018
- Nervos Network Nets Nearly $30 Million To Build Hybrid Blockchain Platform For Enterprise - July 19, 2018
- Chinese Blockchain Companies Continue To Flourish, If Only In Name - July 18, 2018
- G20 Report Outlines International Collaboration On Standards For Crypto-Assets - July 17, 2018
- Hong Kong Readies Regulator-Backed Trade Finance Platform - July 17, 2018
- RMB to BTC Trading Falls To 1%. Is China Really Out Of The Crypto Game? - July 16, 2018
- Chinese Internet Trends May Spell Trouble For “Disruptive” Crypto Payments - July 13, 2018
- LINE Plans July Cryptocurrency Exchange Launch - July 3, 2018
- McAfee Labs Report 6x Increase in Crypto Mining Malware Incidents in Q1 2018 - June 29, 2018
- Facebook Updates Policy To Allow Vetted Crypto Businesses to Advertise, ICOs Still Banned - June 27, 2018
- Following in Vitalik’s Footsteps? Polkadot’s Habermeier Awarded Thiel Fellowship - June 26, 2018
- SingularityNET and Project Shivom Using AI on Genomic Data to Extend Human Life - June 26, 2018
- Microsoft & EY partner for Royalty Distribution in Gaming - June 26, 2018
- ABBC Foundation to Airdrop ABBC Tokens to First 500,000 Wallet Users - June 25, 2018
- Care Records of up to 30 Million UK NHS Patients go on Blockchain - June 25, 2018
- PundiX Signs UTRUST as Liquidity Clearing Provider for Crypto POS Hardware - June 22, 2018
- Blockchain on the Ballot: Indie Party Candidate Joins Texas Senate Race - June 21, 2018
- IONChain Aims to Challenge IOTA on a Chinese Battleground - June 19, 2018
- Takeaways From SEC Director’s Comments on Cryptocurrencies and Securities - June 19, 2018