By Anjali Kochhar
Blockchain Technology firm ConsenSys has announced the close of a $450 million USD financing round, bringing its valuation to $7 billion.
According to the release shared with Blockchain Asset Review, ParaFi Capital led this raise after participating in ConsenSys’ Series C round in November 2021 joined by new investors including Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures. Series C investors — Third Point, Marshall Wace, True Capital Management, and UTA VC, United Talent Agency’s venture fund.
“The acceleration of Web3 adoption globally is also illustrated by the rise of its self-custodial wallet, MetaMask, which now supports more than 30 million Monthly Active Users (MAUs), growing 42% in only four months,” it read.
MetaMask is used to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany and Nigeria represent some of MetaMask’s most active markets.
The statement noted that proceeds from the round will be converted to ETH to further build ConsenSys’ “ultrasound money” position as a rebalance to its ETH to fiat ratio in line with ConsenSys’ treasury strategy.
The funds will support the expansion of MetaMask with a major redesign scheduled for release later in 2022 and will also be used to accelerate the global adoption of Infura’s development tool suite as well as ConsenSys’s efforts to drive NFT adoption for artists, content creators, brands, intellectual property owners, game publishers, and sports leagues.
Joseph Lubin, Founder and CEO of ConsenSys 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, 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 exciting growth strategies. This round takes in digital assets as well as fiat and converts all immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native and contributing ETH as a symbol of and commitment to the ongoing paradigm shift,” he added.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.