Decentralized IT security marketplace PolySwarm today announced an investment from BlockTower Capital, a cryptocurrency investment firm.
BlockTower Capital launched in August, raising $140 million from backers including Union Square Ventures LLC and Andreessen Horowitz to bring professional trading and portfolio management to emerging digital assets like PolySwarm. PolySwarm is the first marketplace where security experts are incentivized to detect threats and build anti-malware engines to protect consumers and enterprises.
“BlockTower Capital’s support is a huge vote of confidence for PolySwarm’s mission to decentralize IT security through cryptocurrency-based incentives,” said Steve Bassi, CEO of PolySwarm. “We look forward to building on this momentum as we prepare for our public token sale launching February 20.”
Today’s antivirus and IT security market is dominated by single-vendor offerings that often miss emerging threats. PolySwarm incentivizes a global community of security experts to disrupt the $8.5 billion cyber threat intelligence industry, providing enterprises and consumers with unprecedented speed and accuracy in threat detection. By introducing a platform encouraging innovation and competition, the market will reward experts who are best able to protect users.
The PolySwarm market runs on Nectar (“NCT”), an ERC20-compatible utility token that makes it easy to submit and classify potential threats on the PolySwarm market. Nectar replaces traditional, outdated antivirus and threat-scanning subscription payments. The Nectar token sale begins Feb. 20.
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