Web3 Builders Announces $7 Million Seed Funding and the Launch of TrustCheck - A Free Scam Prevention Tool for Anyone Transacting with Crypto Tokens, Smart Contracts and NFTs

October 18, 2022, New York, NY — Today, Web3 Builders Inc. announced $7 million in seed funding from Road Capital, OpenSea Ventures, and a group of VCs and crypto industry angels. Simultaneously, the company launched TrustCheck, a free Web3 end-user security tool available to protect users from scams.

TrustCheck is a Chrome browser extension that instantly and automatically analyzes the risk of a wide range of crypto transactions, including ethereum-based NFT transfers, smart contract interactions, permissions approvals, minting, token purchases, and swaps. By simulating transactions before they occur, running checks against the company’s machine-learning engine, and analyzing data from over a dozen sources, TrustCheck offers users personalized, real-time security recommendations prior to finalizing a transaction.

“Releasing TrustCheck as a free Chrome browser extension is part of Web3 Builders’ broader mission to make Web3 safe for all,” said Web3 Builders Inc. CEO, Riccardo Pellegrini. “With a leading team of data scientists, machine learning specialists, and engineers, our company aims to combat fraud, scamming, and abuse in the industry with scalable and highly available tools. Beyond the datasets and live operations we continuously mine for fraud and abuse patterns, we’ve interviewed hundreds of individual victims of scams. This gives us a well rounded view of the current state of both the threats and safeguards for end users that are currently out there.”

This round of funding will power the long-term development and expansion of Web3 Builders’ B2B enterprise product, the addition of new AI and machine learning methods, and the growth of its real-time scam harvesting and operations team.

“It is no secret that Web3 transactions can be risky. That is a major barrier to entry for otherwise interested participants and the launch of TrustCheck is a significant step towards building the confidence and security users deserve,” says Thomas Bailey, Founding Partner at Road Capital Management. Road Capital was joined by OpenSea Ventures, Sparkle Ventures, Picus Capital, ACME, TTV, G20 Ventures, Global Founders Capital, and Haven Ventures in a planned $5MM Seed round that was oversubscribed and grew to $7MM.

“OpenSea Ventures is excited to support Web3 Builders, a company whose priorities align closely with ours: to help make web3 a much safer space for consumers.” said Anne Fauvre, a formal advisor to the company, and OpenSea’s VP of Ops, Marketplace and Integrity. “We’re excited about their innovative approach to combat fraud, scamming, and abuse in the industry, and can’t wait to see how their contributions improve the health and safety of the ecosystem.”

TrustCheck leverages data from over a dozen sources that covers 10s of thousands (and counting) of reported and validated scams, and hundreds of millions of addresses. These power a simple and easy-to-use “zero-click” product interface that doesn’t require connecting a wallet or creating an account, and helps protect users from most common scams. Anyone interested can download TrustCheck here and learn more about Web3 Builders’ team, mission, and unique approach to making Web3 safe for all here.

About: Web3 Builders Inc. (New York, NY) is on a mission to make Web3 safe for all. The team hails from places like Harvard, MIT, Coinbase, Oracle, and AWS, and has a history of working in the public safety industry. The company is committed to building tools that keep end users safer and more secure, offering B2C and B2B software solutions.

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