Binance Labs, the venture arm of crypto exchange company Binance, announced today it has invested in PhishFort, a tool which protects high-risk companies, such as crypto exchanges, ICOs, and token platforms, from phishing attacks and scams.
PhishFort is comprised of a remote team, and the company was started 8 months ago. The open-source intelligence solution that PhishFort uses to power its browser plugin Protect is distributed to nearly 2 million users on a daily basis across 6 continents.
This partnership will help the PhishFort team develop its technology, open doors to new opportunities, and improve their ability to educate and communicate with the community at large.
“Right from the start, we decided to bootstrap PhishFort as a company, and as such, we placed our focus on product/market fit and profitability. This approach helped us build a profitable company in a relatively short period of time, which meant that we didn’t have to actively seek out external investment in order to run. However, after being introduced to the team at Binance Labs (Binance’s VC arm), we quickly realized that they weren’t purely profit driven; rather, they were genuinely interested in growing companies that could improve the crypto ecosystem and drive adoption. They acknowledged that safety and security were pain points for the crypto industry, an idea which we are closely aligned on. With the experience and network of the crypto behemoth, alongside our scalable tech and purpose-driven mission, we realized that there is a great synergy between us. As of April this year, we’re proud to have joined the Binance extended family and work alongside them to help make the industry a safer place for everyone.”