io.finnet Announces Blockaid Integration for Enhanced Security in io.finnet

LONDON, November 12th 2024 At io.finnet, we are proud to announce a powerful new integration with Blockaid that brings additional industry-leading security to our self-custody solution and enhances our institutional DeFi user experience. As part of our ongoing commitment to safeguarding digital assets, Blockaid will enable real-time transaction simulation, validation, and risk detection for our users, offering deeper protection and greater transparency for every user on the platform.

The combination of Blockaid’s analysis and io.finnet’s multi-approver MPC technology ensures that your team has visibility into the result of transactions and smart contract interactions before they happen, equipping the signing party with comprehensive data to make informed approvals.

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Why Blockaid?

Blockaid is the end-to-end onchain security platform trusted by organizations like Coinbase, Metamask, Stellar, and more to secure every onchain interaction. Our integration with Blockaid enhances the security of our customers’ blockchain transactions by simulating and validating transactions before they are executed.

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This approach aligns perfectly with io.finnet’s emphasis on trustless, self-custody solutions. By integrating Blockaid into io.finnet, we ensure that every transaction undergoes thorough analysis, reducing the risk of fraud, malicious activity, or asset loss.

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Key Benefits of Blockaid in io.finnet

Real-Time Transaction Simulation
Before a transaction is signed, io.finnet automatically leverages Blockaid’s simulation tools to analyze the assets involved. This provides a full preview of how the transaction will affect your holdings, ensuring transparency before any transaction is finalized. Importantly, transaction simulation data is shared at two critical points: when the initiator submits the transaction request (only visible to the initiator) and when the signing party views the request on their mobile iOS device. This ensures that all parties have enough data to make informed decisions.
‍Transaction Simulation for dApps and DeFi
Before executing any smart contract interaction, io.finnet users can view a detailed simulation to preview the asset flow. Whether interacting with DeFi protocols, staking assets, or using dApps, users will know exactly what will happen with their funds prior to approvals and signature.‍
Advanced Risk Detection and Validation
Blockaid’s validation feature flags potential threats by analyzing transaction requests for malicious entities, abnormal asset movements, or risky approvals. This adds a critical layer of protection for enterprises, allowing them to prevent potentially harmful transactions.
‍Enhanced Multi-Chain Support
io.finnet users managing assets on Ethereum-based chains will benefit from BlockAid’s extensive support across all EVM-compatible networks (except Fantom) for transaction simulations. This ensures safety and transparency for assets, whether they are native or non-native. BlockAid’s transaction simulation feature covers SWAP transactions and regular transfers, allowing users to validate and preview outcomes before committing their assets.‍
Detailed Risk Reporting
With each transaction simulation, Blockaid provides a detailed breakdown of potential risks, including known malicious addresses, trusted interactions, and warnings about possible asset loss. This empowers organizations to make informed decisions and reduce exposure to threats.

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Real-Time Insights and Strengthening DeFi

When initiating a smart contract interaction on io.finnet, Blockaid’s simulation endpoint will deliver a detailed breakdown of the assets involved, including incoming and outgoing tokens and USD value changes. This transparency ensures that users can accurately forecast the results of their transactions before signing.

For example, if interacting with a DeFi protocol to SWAP tokens, Blockaid will simulate the asset flow and flag users of any suspicious activity. This integration ensures that io.finnet users, who frequently engage with DeFi platforms or dApps, have real-time visibility into their transactions. The risk validation tools ensure that no contract interaction goes unchecked, helping organizations avoid costly mistakes or exposure to malicious actors.

A Future-Proof Solution for Digital Asset Custody

At io.finnet, we are committed to staying ahead of security challenges. The integration of Blockaid strengthens io.finnet’s capability to protect users from the inherent risks of smart contract and DeFi interactions, offering transparency and peace of mind before committing any assets to the blockchain.

About io.finnet

At io.finnet, we believe that secure and seamless access to digital assets is paramount. We provide innovative digital asset infrastructure solutions for various industries, including finance. Our expertise spans enterprise blockchain, cryptographic security, multi-party computation (MPC), and lightning-fast secure APIs. Our comprehensive product portfolio includes:

io.network: A 24/7 instant settlement platform leveraging private blockchain technology.
io.vault: A self-custody solution enabling businesses to securely manage their digital assets.
io.flow: A network of payment providers for processing multi-currency transactions through local and cross-border payment rails.
io.ID: A self-owned digital identity solution that empowers users to secure their online presence with unparalleled security and convenience.

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Learn more on www.iofinnet.com

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About Blockaid

Blockaid is the leading onchain security platform trusted by organizations like Metamaks, Coinbase, Stellar, and more. The Blockaid platform provides insight into onchain activity, detects malicious transactions, smart contracts, tokens, and dApps, and enables organizations to prevent and mitigate threats in real time. To date, Blockaid has scanned $5.4+ billion transactions, 630+ million dApps, and 220+ million tokens, and defended against $5.3+ billion in potential losses.

Learn more on https://www.blockaid.io/