ConsenSys Hits $7B Valuation in Series D Raise
ConsenSys has brought in $450 million in its latest Series D raise.
The company states it will use the new funding to support the rapid expansion of its MetaMask wallet.
The MetaMask wallet recently surpassed 30 million monthly active users and is currently the most-used Ethereum wallet globally.
Share this article
Ethereum software company ConsenSys has raised $450 million in its latest Series D raise. The new funding round closes as ConsenSys’ flagship MetaMask wallet surpasses 30 million monthly active users.
ConsenSys Valued at $7 Billion
ConsenSys has raised more funds to help it build out Web3 infrastructure.
The leading blockchain software company announced the close of its Series D funding round Tuesday, raising an additional $450 million and bringing its current valuation to over $7 billion.
The crypto venture giant ParaFi Capital led the raise, doubling down on its contribution to ConsenSys’ previous Series C raise in November 2021. Companies contributing for the first time included Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, and Sound Ventures.
In a blog post announcing the raise, ConsenSys stated it would convert the capital to Ethereum to rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy. The company has long maintained a significant treasury of ETH, stablecoins, and other crypto tokens, which it puts to work in DeFi protocols and via staking to earn yield.
The post also explains how the new funding will support the rapid expansion of MetaMask, with a major redesign scheduled for release later in 2022. The Web3 wallet recently surpassed 30 million monthly active users and is currently the most-used Ethereum wallet globally.
Commenting on the $450 million raise, ConsenSys founder and CEO Joseph Lubin said:
“I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge… This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies.”
One of ConsenSys’ most recent ventures involves creating a ZK-Rollup-based Ethereum scaling solution in partnership with Mastercard. ConsenSys says that the new solution could facilitate a variety of promising use cases, including CBDCs, scalable decentralized exchanges, and micropayments.
While ConsenSys works to build out blockchain infrastructure, it has also faced criticism. At the beginning of March, the company’s MetaMask wallet came under fire after users in Venezuela and Iran reported that they were unable to access the Web3 wallet. In response, the firm blamed its Ethereum API Infura for the block, citing “legal compliance.” The incident called into question ConsenSys’ commitment to decentralization and raised concerns about the company’s control over Web3 technologies.
Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…
ConsenSys Has Built an Ethereum Scaling Solution With Mastercard
ConsenSys Rollups will use zero-knowledge proofs to scale Ethereum. ConsenSys Partners With Mastercard ConsenSys is releasing an Ethereum scaling solution with Mastercard. The leading Ethereum software company announced the launch…
MetaMask, OpenSea Blocks Expose “Web3” Centralization
Multiple MetaMask users based in Venezuela and Iran have reported that they have been blocked from accessing the popular Web3 wallet. The NFT marketplace OpenSea has also limited access to…
ConsenSys Reportedly Raising Funding at $3B Valuation
The update follows an April funding round in which ConsenSys raised $65 million from JPMorgan, Mastercard, and others. ConsenSys Reportedly Hits $3 Billion Valuation ConsenSys, the Ethereum software company run…
Comments are closed, but trackbacks and pingbacks are open.