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CertiK received multimillion dollar investment from Binance Labs

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CertiK, a smart contract and blockchain audit startup, has received an investment from Binance Labs, the incubator wing of the Binance cryptocurrency exchange.

CertiK is a formal verification framework to mathematically prove that smart contracts and blockchain ecosystems are bug-free and hacker-resistant. The company, which was founded last year, aims to help secure smart contract and blockchain platforms through a formal verification process.

CertiK operates by applying mathematical proofs to networks to determine whether hackers can breach the systems. The team describes this as “a layer-based approach to decompose such an otherwise prohibitive proof task into smaller ones”. By doing this, the firm claims that they can confirm a blockchain platform’s security in an objective manner.

The total amount of the investment hasn’t been announced but a spokesperson said that it is an investment of multiple millions of dollars.

Ella Zhang, CEO of Binance Labs said that CertiK addresses at least one outstanding need in the blockchain space saying that the security of smart contracts is a critical point in the blockchain ecosystem and that CertiK is bypassing the limitations of manual detection. With this investment, they want to signal the recognition of the importance of formal verification in the blockchain industry.

Their technology includes CertiKOS, a “certified operating system” developed by Yale professor Zhong Shao, which has already been used in enterprise and military programs.

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