Crypto firms have continued to attract venture capital investments in huge amounts. ConsenSys has announced the completion of a $450 million Series D financing round with a $7 billion valuation. This comes after the network’s NFT-based platform recently raised $200 million in funding.
Ethereum Builder ConsenSys Will Convert Money Into ETH
In a press release today, the blockchain technology company revealed its amazing lineup of participants in the fundraiser. Led by ParaFi Capital, the round was supported by Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures and C Ventures – all new investors in ConsenSys.
Third Point, Marshall Wace, TRUE Capital Management and the United Talent Agency venture capital fund (UTA VC) were among the investors to return from its latest round of funding in November 2021. The raise has more than doubled ConsenSys’ valuation from its previous value of $3.2.
ConsenSys’ plans for the funds address three key aspects of its business. ConsenSys noted that MetaMask had now reached a user base of about 30 million monthly active users (MAUs), and said the popular non-custodial wallet would see a rapid expansion and major redesign within 2022.
The money will also be used for the development of Infura, ConsenSys’ developer tools service. Infura has also gained more attention as it now boasts of hosting over 430,000 developers and has channeled over $1 trillion in annual on-chain ETH transactions.
Finally, ConsenSys plans to scale its workforce for global expansion. The company plans to hire approximately 600 additional employees to increase its workforce to 1,000.
Speaking about the funding round, ConsenSys founder Joe Lubin reiterated the company’s commitment to build on and support the Ethereum blockchain. To emphasize this determination, he stated that the funds would be converted to ETH in accordance with ConsenSys’ treasury strategy.
Lubin added that future funding rounds would convince investors to become crypto natives.
This round includes both digital assets and fiat and converts to ETH immediately. The next round will be our ‘Series ETH’ where we will help investors get fully crypto-native to contribute ETH, Lubin said.
Web 3 Firms Have Bewitched VC Investors
ConsenSys isn’t the only web 3 focused company to recently complete a multi-million dollar funding round. Recently, Australian NFT startup Immutable announced a $200 million round with the valuation reaching unicorn status.
Crypto exchange FTX also had a very successful round of funding, raising $400 million against a valuation of $8 billion. The massive investments indicate greater confidence in the growth of the next iteration of the web through the global adoption of digital assets.
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About the author
Olivia’s interests span the entire cryptocurrency and NFT and DeFi industry. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email protected]
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