ConsenSys Secures $450 Million Funding, Reaches $7 Billion in Value

With the recent investment, ConsenSys will be bringing more employees to support the development of the platform’s ecosystem, specifically its Ethereum-based blockchain development suite Infura and software digital wallet MetaMask.

According to the official press release, the $450M fund was led by ParaFi Capital and supported by several other large software companies and investment firms like Microsoft, Temasek, Sound Ventures, SoftBank Vision Fund 2, Anthos Capital, C Ventures, TRUE Capital Management, UTA VC, Marshall Wace, Third Point, and the United Talent Agency.

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The funding comes after the $200M Series C round raised by ConsenSys back in November of 2021. With the recent one, the company will now focus on unlocking "the collaborative power of communities by making DAOs, NFTs, and DeFi universally easy to use, access, and build on."

Founder and CEO of ConsenSys Joseph Lubin spoke on the recent Series D funding and the future of the Web3 application platform, stating:

"This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift."

The success of ConsenSys is majorly based on the self-custodial wallet MetaMask which has seen immense growth over the past several months, reaching 30 million active users per month. The funding will be used to accelerate MetaMask’s upcoming design changes, integration, and improve its support on several devices and software.

Ben Forman, who is the Founder and Managing Partner at ParaFi Capital, spoke on the importance of ConsenSys products, stating:

"ConsenSys has emerged as one of the most important companies in the blockchain space. In particular, MetaMask is the gateway for over 30 million users to access web3 and DeFi applications every month, making it one of the most widely used blockchain products in the world for consumers and businesses."

Other than that, the company’s blockchain development suite Infura will be seeing increased efforts on NFT adoption for celebrities and artists through its Ethereum application programming interfaces (APIs).

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