ConsenSys Closes $450 Million Funding Round, Pushes Valuation To $7 Billion

Table of Contents

• Details Of The Funding Round 
• Driving The Web3 Revolution 
• Changes To MetaMask

ConsenSys published its report on progress made towards 2022 and also announced the closing of its latest funding round. The report also talked about the growth of its products and outlined its strategy moving forward. 

Details Of The Funding Round 

ConsenSys announced the closing of the $450 million funding round that valued the company at $7 billion. According to the report, the funding round was led by ParaFi Capital and saw participation from venture capitalists, including SoftBank Vision Fund 2, Temasek, Anthos Capital, Sound Ventures, C Ventures, and Microsoft, along with several others. 

ConsenSys has indicated that the funds raised through the round will be utilized towards increasing its position in ETH. ConsenSys is a long-term ETH bull and uses its funds to produce yields through different DeFi protocols and their staking mechanisms. The company also plans on hiring around 600 more employees, growing the NFT business, and supporting a MetaMask redesign. 

CEO of ConsenSys, Joseph Lubin, stated, 

“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, such as developer tooling, wallets, security audits, DeFi, NFTs, Layer-2 scaling, DAOs, and more. This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies. This round takes in digital assets as well as fiat and converts immediately to ETH. The 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.”

Driving The Web3 Revolution 

ConsenSys has put itself at the heart of Web3, driving the growth and unlocking the potential of communities by giving them easy access to DAOs, NFTs, and DeFi. It does this through the MetaMask wallet, which has around 30 million active users who can access, hold, and manage their digital assets. 

MetaMask also allows users to connect with over 3700 Web3 applications, which include play-to-earn games, NFT marketplaces, decentralized autonomous organizations, DeFi applications, and Metaverse worlds. 

Changes To MetaMask

Lubin further added that a significant redesign for MetaMask was in the works, possibly referring to the announcement of a Decentralized Autonomous Organization and the launch of MetaMask’s native token. MetaMask will also be deploying new features and functionalities, allowing it to connect to different blockchain networks and account security schemes. 

Consensys had earlier acquired wallet service provider, MyCrypto which it plans to integrate with MetaMask. The integration will be done to improve its security features and user experience across devices. Founder of ParaFi Capital stated the following regarding MetaMask,  

“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.”

MetaMask had earlier been on the receiving end of some significant criticism after infrastructure provider Infura accidentally blocked users in Venezuela. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.