In the fast-paced world of cryptocurrencies, security is of paramount importance. Blockchain protocols and companies need to ensure that their systems are secure and protected from potential attacks. This is where Spearbit comes into play. Spearbit, a decentralized network of security experts, has recently announced that it raised $7 million in a fundraising round. Let’s dive deeper into the significance of this news.

Spearbit, founded in November 2021, aims to bridge the gap between freelance security researchers and crypto protocols and companies in need of security audits. With three of its founders coming from the Ethereum Foundation, Spearbit has successfully vetted and trained over 100 researchers who are readily available for hire on its marketplace.

Success with Major Clients:
Over the past few months, Spearbit has worked with prominent clients such as OpenSea, Nouns DAO, and Polygon. This demonstrates the trust that these major players in the crypto industry have placed in the network of security experts provided by Spearbit. With its strong track record, the company is poised for further growth and success in the future.

Expanding Services:
Spearbit has ambitious plans for the future. The company aims to launch two products in the near term. The first is Cantina Managed Service, which aims to help solo auditors gain deal flow and conduct smart contract audits. This will provide valuable support to independent auditors in the crypto space. The second product is Cantina Guilds, which will host the services of small-to-medium audit shops specializing in specific sectors. This “guild” concept will enable specialized expertise to be easily accessible on the Spearbit platform.

Fundraising Round and Backers:
The recent fundraising round, in which Spearbit raised $7 million, is a significant milestone for the company. Leading the round is Framework Ventures, a prominent blockchain-focused venture capital fund. Additionally, Nascent, 1kx, and Volt Capital have invested in Spearbit, recognizing the potential of the company and its role in enhancing security within the crypto ecosystem.

Spearbit’s successful fundraising round of $7 million is indicative of the increasing demand for security consulting services in the crypto market. With its network of vetted and trained security experts, the company is well-positioned to bridge the gap between freelance researchers and crypto protocols/companies. By providing valuable auditing and consulting services, Spearbit plays a vital role in enhancing the security of blockchain systems. As the crypto industry continues to grow, the need for robust security measures will only become more critical, making Spearbit’s services ever more valuable.