• More significant funding for ConsenSys demonstrates that investors are still interested in Ethereum

  • ConsenSys, a provider of Ethereum technology solutions, has announced another big fundraising round, demonstrating that interest in the world’s largest smart contract network is not decreasing.

    ConsenSys reported on March 15 that company has concluded a $450 million Series D fundraising round, bringing its worth to more than $7 billion. The round was led by ParaFi Capital and included a number of the typical crypto venture and industry titans, including Singapore’s Temasek, Microsoft, SoftBank, Vision Fund 2, and Anthos Capital. Third Point, Marshall Wace, and TRUE Capital Management have all previously invested.

    The fact that the world’s biggest names in technology and investment are putting their money behind an Ethereum and Web3 software startup indicates that they see a bright future for the world’s second-largest cryptocurrency network.

    The investment will be turned into ETH to “rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy,” according to the announcement.

    In the future, Ethereum

    The corporation has kept a substantial stash of Ethereum and stablecoins, which it actively uses to fund its own infrastructure. This cache is also used to create yields in certain DeFi staking methods.

    In response to the company’s fourth significant funding round, CEO Joseph Lubin stated:

    “This round accepts both digital assets and fiat currency and immediately converts to ETH.” The following round will be our ‘Series ETH,’ in which we will assist investors in becoming fully crypto native in order to donate ETH as a symbol of and commitment to the current paradigm shift.”

    The money will also go towards MetaMask, the company’s flagship cryptocurrency wallet, which is getting a major redesign later this year. According to the release, MetaMask now has more than 30 million monthly active users, representing a 42 percent increase in just four months.

    The business also intends to accelerate global adoption of Infura’s development tool suite and drive NFT growth even further. Because Infura communicates with the Ethereum blockchain and hosts nodes on behalf of its users, some doubt the network’s decentralization because it is the network’s backbone.

    According to the company, ConsenSys will go on a hiring binge this year, increasing its 700-person workforce to over 1,000. ConsenSys secured a $200 million funding round in November, after a $65 million investment in April from investors including JPMorgan, MasterCard, and UBS.

    What's your reaction?