Blockchain security company Blockaid has announced the integration of its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with the Lobstr and Freighter wallet applications.
According to an October 17 announcement revealed by TinTucBitcoin, the strategic partnership will bring real-time threat monitoring and rapid response capabilities to wallets, with additional integrations planned in the future.
Illustration of Blockchain security warning on mobile phone. Source: Blockaid
Blockaid Web3 Services
Blockaid describes its service as an antivirus for decentralized Web3 applications.
Ido Ben Natan, CEO of Blockaid, told TinTucBitcoin that the first round of improvements “warns users every time they interact with a dangerous transaction, DApp, or Token.” He added that “by flagging malicious interactions, we protect millions of users from scams and attacks.
According to the company announcement:
“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented over 100 million attacks, and prevented potential losses exceeding $4 billion.
In the first half of 2024 alone, Blockaid has signed deals with several industry blockchain companies, including a Coinbase wallet integration in March, and partnerships with 1inch and Avalanche Core Wallet in June.
Stellar
Stellar describes itself as a decentralized open-source blockchain platform for DeFi (DeFi), assets, and payments. Its primary token, XLM, has a market capitalization of $2.8 billion as of October 16.
Stellar is said to be faster and more efficient than popular blockchain platforms like Bitcoin thanks to its Federated Byzantine Agreement (FBA) algorithm, which manages consensus through a streamlined protocol.
As TinTucBitcoin reported in August, France-based fintech firm Next Generation and Ireland-based crypto organization Decta announced plans to relaunch a euro-pegged stablecoin, EURT, on the Stellar blockchain.
The launch of EURT marks a period of what is believed to be less regulatory uncertainty for crypto and blockchain companies operating in the European Union. By all accounts, the stablecoin market appears to be booming under the Markets in Crypto-Assets (MiCA) regulation and increased legal clarity.
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