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Magnet Ventures and Beosin, a Blockchain Security Company, Made a Deal to Work Together.

Beosin, a blockchain security company, said on December 6 that it had signed a strategic partnership agreement with Magnet Ventures, an American blockchain accelerator.

With this agreement, Magnet Ventures will help Beosin get into the Korean market and expand and support its ecosystem.

Magnet Ventures, a U.S.-based blockchain accelerator, is known for investing in and helping to grow a number of great projects around the world. Beosin is a blockchain security company that was started by professors from some of the best universities in the world. It provides services and products with built-in blockchain security to more than one million users in the global blockchain ecosystem.

Beosin currently offers all-in-one blockchain security products and services, such as code security audits before a project goes live, security risk monitoring, early warning and blocking, stolen virtual currency asset recovery, and security compliance KYT/AML. OKX, Huobi Global, KuCoin, Polkadot, Polygon, BNB Chain, Avalanche, etc. provide security technology services to more than 2,000 Web3 blockchain companies around the world.

More than 2,500 smart contract audits (NFT, DeFi, GameFi, etc.) have been done for global web3 projects, such as DAI, PancakeSwap, Dogchain, Ankr, Hot Cross, etc., and the assets that have been protected are worth about $500 billion, which is more than a dollar.

Beosin has received five rounds of funding from well-known investors in the industry. Most recently, Beosin received a strategic investment of about $20 million from well-known companies and several existing shareholders.

In the future, Beosin will help Korea’s Web3 blockchain ecosystem with professional and all-around technology. Verification as a Service (VaaS), a tool from Beosin that automatically checks smart contracts, has an automated detection accuracy of 97%, can automatically find hundreds of security problems in smart contracts, and is a platform for monitoring security risks and blocking alarms. EagleEye checks the security of the global Web3 blockchain ecosystem in real time, 24 hours a day. It also has a function that blocks attacks to protect assets as much as possible.

The KYT/AML system of Beosin is based on billions of address labels and hacker address libraries, big data analysis, and AI technology for virtual assets. It helps service providers improve their Know Your Customer (KYC) and risk assessment skills.

An official from Magnet Ventures said, “With this partnership, we will grow the businesses of both companies and take the next step toward our goal of building a blockchain ecosystem by combining their areas of expertise.”

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