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/.