Web3 Builders Inc, a new smart contract and non-fungible token (NFT) security startup, raised $7 million in seed funding with backers that included Road Capital and the venture capital arm of NFT marketplace OpenSea. The funding will help build out the products, add new artificial intelligence and machine learning methods, and expand the team.
Alongside the funding, Web3 Builders announced TrustCheck, a free scam prevention tool for those transacting with cryptocurrencies, smart contracts and non-fungible tokens. The Chrome browser extension instantly analyzes the risk of a given crypto transaction by running checks against the company’s machine-learning engine.
TrustCheck uses data from over a dozen sources that cover tens of thousands of reported and validated scams, and hundreds of millions of addresses.
“When we think about the next billion users adopting crypto, you have to take these really powerful concepts, and these powerful engines under the hood, and create really simple and easy to understand user experiences,” Web3 Builders CEO Ricky Pellegrini told CoinDesk in an interview.
TrustCheck checks for scams programmatically, such as searching for wallet drainer template code, and with a team of humans to take a multi-layered approach. From a product demonstration provided to CoinDesk, the TrustCheck user interface should feel familiar to anyone who has used a Web2 antivirus product. If a user tries to buy an NFT from a trusted site, TrustCheck shows the checks…
