Blockaid Integrates Blockchain Security Tech With Stellar, Targeting Lobstr and Freighter Wallets

Blockchain security firm Blockaid announced the integration of its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain

Blockchain security firm Blockaid has integrated its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with the Lobstr and Freighter wallet applications.

The strategic partnership will bring real-time threat monitoring and rapid response capabilities to the wallets, with further integrations planned, according to an Oct. 17 announcement viewed by Cointelegraph.

Demonstration of a Blockchain security alert on a mobile phone. Source: Blockaid

Blockaid describes its services as being somewhat like an antivirus software for Web3 decentralized applications.

Ido Ben Natan, CEO of Blockaid, told Cointelegraph that the first wave of enhancements “alerts users whenever they interact with a dangerous transaction, DApp, or token.” He added that “by flagging malicious interactions, we’re protecting millions of users from scams and hacks.”

According to the company’s announcement:

“Blockaid’s technology will scan Stellar transactions in real-time to identify suspicious activity and notify users through visual cues and clear on-screen notifications.”

Blockaid service is touted to be able to scan Stellar transactions in real time to identify suspicious activity and notify users through visual cues and clear on-screen notifications.

The integration will also reportedly enable users to report suspicious activity directly to Blockaid’s security operations center, which will then investigate the incident and take appropriate action.

Blockaid has been rapidly expanding its footprint in the blockchain security space throughout 2024. In just the first half of the year alone, the company inked deals with a number of blockchain firms in the industry including a Coinbase Wallet integration in March, and partnerships with 1inch and Avalanche Core Wallet in June.

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Stellar is a decentralized open-source blockchain platform for decentralized finance (DeFi), assets, and payments. Its primary token, XLM, has a market capitalization of $2.8 billion as of Oct. 16.

It’s faster and more efficient than more popular blockchain platforms like Bitcoin thanks to its Federated Byzantine Agreement (FBA) algorithm, which handles consensus through a streamlined protocol.

As Cointelegraph reported in August, France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

The launch of EURT signifies a period of perceived relief from regulatory uncertainty for cryptocurrency and blockchain firms operating in the European Union. By all accounts, the stablecoin market appears to be surging under the Markets in Crypto-Assets (MiCA) regulation and increasing legal clarity.

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