Consensys, a blockchain technology company, recently announced that it had raised hundreds of millions of dollars from investors such as HSBC and Third Point. HSBC is Europe’s largest bank, and Third Point is a hedge fund based in the United States with $17 billion in assets under management.
Consensys Receives Significant Funding
On Wednesday, Consensys announced the results of their most recent funding round in a blog post. The latest round of funding brings the company’s valuation to $3.2 billion, thanks to new investors and partners such as Marshall Wace, Spartan Group, Coinbase Ventures, HSBC, and Third Point.
Consensys is committed to constructing infrastructure around the Ethereum network in order to improve access to what they refer to as “Web 3” – the world of decentralized, internet-native organizations. The MetaMask wallet, one of their most popular products, has skyrocketed in popularity and now has 21 million monthly active users.
Third Point LLC CEO and Founder Daniel S. Loeb sees potential in the developing Web 3 ecosystem:
“The MetaMask wallet and other tools from ConsenSys provide a one-of-a-kind platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web.” We are excited to collaborate with ConsenSys to help unleash the limitless potential of Web 3.0.”
Meanwhile, Marshall Wace CEO Amit Rajpal has expressed confidence in the exponential growth potential of Defi and NFTs. In addition to decentralized finance, Consensys is promoting NFT adoption among content creators, game publishers, and artists.
The contribution of HSBC to blockchain development is particularly intriguing. Earlier this year, the bank stated that it had no plans to offer a cryptocurrency trading desk to its customers and had previously prohibited accounts from sending funds to cryptocurrency exchanges. Others, such as Goldman Sachs, are already trading Bitcoin derivative products.
Investing in the Crypto Industry
Apart from Consensys, an unprecedented amount of capital has flowed into crypto-centric institutions this year. For example, FTX, one of the most popular exchanges, recently raised a massive and meme-worthy $420.69 million, valuing the company at $25 billion.
Billionaire investor Orlando Bravo’s investment firm contributed to FTX and has stated that he will invest in other blockchain technology companies.