In traditional finance, credit card companies and banks block transactions when they come from unusual locations, abnormal vendors, or are otherwise suspicious. In crypto, however, transactions are typically final—a positive thing for those who dislike outside authorities having a veto over how they spend their money, but far from ideal for those who fall prey to hacking attacks.
That's why Eyal Meron and Oren Fine founded SphereX. The startup has a plan to translate a basic security measure from traditional finance—the blocking of suspicious transactions—to the blockchain, and on Wednesday, they announced that they’ve raised $8.2 million in a seed round led by Aleph at a $24 million valuation. Other backers include Pillar VC, Fabric Ventures, and Mensch Capital Partners.
