AAA Coinbase contributes to $23m Forta round

Coinbase contributes to $23m Forta round

Cryptocurrency exchange Coinbase’s corporate venturing unit, Coinbase Ventures, has invested in a $23m funding round for US-based smart contract security provider Forta, TechCrunch has reported.

The round was led by Andreessen Horowitz and also featured fellow venture capital firms True Ventures and Blockchain Capital while OpenZeppelin, the blockchain cybersecurity software provider that incubated Forta, will also retain a stake in the company.

Forta is billed as a first-of-its-kind decentralised runtime security protocol for smart contracts, designed to detect security threats and critical issues in real time by monitoring transaction activity and sending out alerts.

Although Forta is a decentralised platform, it could be monetised after growing its community and attract as many developers as it can to then become a central source of security tools for smart contracts, OpenZeppelin CEO Demian Brener told TechCrunch.

By Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the Global Venturing Review podcast.