Israeli blockchain startup Redefine has raised $11 million in a seed funding round led by Palo Alto-based Ribbit Capital, CTech reports. The funding — which brought the company's valuation at $50 million — was also supported by other investors such as Jump Capital and ParaFi Capital. The startup raised a total sum of 14 million so far.
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Founded in 2021 by Shira Brezis and Alon Ram, Redefine automates due diligence and risk-monitoring processes in the decentralized finance (DeFi) market so that investors can deploy capital into the new projects.
"By promoting equal access to financial services for all, DeFi is a powerful movement towards democratizing the global economy and the latest step in the implementation of blockchain ideology," Brezis noted.
According to Atlas VPN, DeFi-related attacks amounted to over 75% of all hacks in 2021. Moreover, many fraudsters have started fake DeFi projects to benefit from the crypto industry hype. In the first half of 2021 DeFi hack losses reached $361 million, surpassing 2020's total losses by 180%, the Atlas VPN team emphasized.
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