Saferoot Updates

Staging Labs raises $1.1M in oversubscribed pre-seed round to launch Saferoot

Staging Labs raises $1.1M in oversubscribed pre-seed round to launch Saferoot
Staging Labs raises $1.1M in oversubscribed pre-seed round to launch Saferoot, a security tool that integrates with major crypto wallets to prevent asset loss from phishing attacks.
March 12, 2023

To read TechCrunch's exclusive coverage of our announcement:

Staging Labs has secured $1.1 million in funding in an oversubscribed pre-seed round from notable investors The General Partnership, Flourish Ventures, AlphaGrep, and NGC Ventures. The list of investors also includes scouts from a16z, Kleiner Perkins, Greylock, as well as a group of experienced crypto founders and angel-operators from companies such as ConsenSys, Coinbase, Anchorage Digital, Chainalysis, Algorand, Quicknode, and Blockdaemon, among others.

Staging Lab’s founding story starts by one of their co-founders losing $10,000 worth Ethereum and NFTs in a phishing attack. This event prompted the team to investigate the state of crypto security and uncovered a troubling reality: phishing attacks are becoming increasingly common. Even early adopters and power users of crypto were falling victim to hacks, which were often viewed as a badge of honor.

The Staging Labs team was shocked by the reality of losing crypto assets and decided to take action. They believe that empowering users and businesses with tools to safeguard their assets is crucial for bringing mainstream crypto adoption. As a solution, they created Saferoot, which integrates with major crypto wallets to automatically transfer digital assets from a primary wallet to a secure backup wallet. If Saferoot had existed when the co-founder of Staging Labs lost $10,000 worth of crypto assets in a phishing attack, it could have automatically transferred their assets to a secure backup wallet, saving them from the devastating loss.

Crypto security is a massive issue, Reuters reports crypto crime hitting a $20B record in 2022, and even prominent web3 leaders like Kevin Rose and Nikhil Gopalani are not immune. Recently, Kevin Rose lost over $1.1 million in a phishing attack, and Nike's RTFKT COO, Nikhil Gopalani, lost hundreds of thousands. These incidents only highlight the need for tools to users to protect themselves.

Join Staging Labs on their mission to make crypto safe and easy to use, and be among the first to try Saferoot.

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