July 23, 2024
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ConsenSys To Covert $450 Million In Ether Funding

ConsenSys

Crypto firms have continued to draw massive amounts of venture capital funding. ConsenSys has completed a $450 million Series D fundraising round with a valuation of $7 billion. This comes after the network recently received $200 million in funding for its NFT-based platform.

The blockchain technology business unveiled the strong lineup of participants in the financing in a news release today. The investment was led by ParaFi Capital and supported by Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures, all of which are new ConsenSys investors.

Returnee investors from the last investment round in November 2021 included Third Point, Marshall Wace, TRUE Capital Management, and United Talent Agency’s venture fund (UTA VC).

ConsenSys has more than doubled its prior value of $3.2 thanks to the increase.

The cash will be to support three critical components of ConsenSys’ business. ConsenSys predicted MetaMask would witness significant expansion and a new redesign by 2022, noting that the popular non-custodial wallet has now achieved a userbase of roughly 30 million monthly active users (MAUs).

The money will also go toward developing Infura, ConsenSys’ developer tools offering. Infura is also gaining traction, as it already has over 430,000 developers on board and has processed over $1 trillion in annualized on-chain ETH transactions.

Finally, ConsenSys intends to expand its personnel globally. The company wants to add roughly 600 more people, bringing its total employment to 1000.

Joe Lubin, the creator of ConsenSys, spoke about the fundraising round. Then, and restated the company’s commitment to working on and supporting the Ethereum network. He adds that the cash would be transferred to ETH in accordance with ConsenSys’ treasury policy to underscore his resolve.

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