Crypto firms have continued to draw massive amounts of venture capital funding.
In a Series D fundraising round, ConsenSys raised $450 million, valuing the firm at $7 billion. This comes after the network recently received $200 million in funding for its NFT-based platform.
ConsenSys Converts Funds to ETH
The blockchain technology company highlighted the excellent list of fundraiser participants. The investment was led by ParaFi Capital and supported by Temasek. SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures, all of which are new ConsenSys investors, supports the investment.
Returnee investors from the last investment round in November 2021 included Third Point, Marshall Wace, TRUE Capital Management, and United Talent Agency’s venture fund (UTA VC). ConsenSys has more than doubled its prior value of $3.2 thanks to the increase.
Furthermore, the cash will support three critical components of ConsenSys’ business. MetaMask currently had a monthly active user base of roughly 30 million people (MAUs). Surprisingly, ConsenSys predicted that the popular non-custodial wallet would experience significant growth and a dramatic redesign by 2022.
Deployment of Funds
The money will also go toward developing Infura, ConsenSys’ developer tools offering. Infura is also gaining traction, since it now has over 430,000 developers on its platform. It has processed over $1 trillion in on-chain ETH transactions annually.
Finally, ConsenSys intends to expand its personnel globally. Additionally, the company wants to add roughly 600 more people, bringing its total employment to 1000.
Joe Lubin, the founder of ConsenSys, spoke about the funding round and reiterated the company’s commitment to building on and supporting the Ethereum blockchain. He added that the cash would transfer to ETH in accordance with ConsenSys’ treasury policy to underscore his resolve.
Lubin went on to say that future investment rounds would focus on persuading investors to become crypto natives. He stated that this round accepts both digital and fiat assets and converts them to ETH instantaneously. The next round will be their ‘Series ETH,’ in which they will help investors become totally crypto native in order to donate ETH.
Web 3 Hold Investors Inbound
ConsenSys isn’t the only web 3 focused company to recently conclude a multi-million dollar fundraising round. Immutable, an Australian NFT business, has announced a $200 million funding round, bringing its valuation to unicorn status.
On the other hand, FTX, a cryptocurrency exchange, had a successful investment round as well, raising $400 million at a $8 billion value. The large investments indicate that more trust placed in the future generation of the web. This accomplishes through the widespread use of digital assets.