The NewYork based blockchain development company ConsenSys has closed a Series D round in its latest funding. The crypto developer company now stands on a valuation of $7 billion which is nearly double since its last fundraising.
The funding was led by ParaFi Capital which participated in the last Series C round also in November 2021. Moreover Microsoft, Anthos Capital, Sound Ventures, C Ventures, SoftBank Vision Fund 2, and Temasek were other new investors who joined the ship and together closed a total of USD 450 million. Whereas, Sullivan & Cromwell LLP were the legal advisors for ConsenSys to successfully close the transaction. Also, celebrity investors like 21 Savage and Young Thug were invited to invest in the round.
The firm’s Ethereum Blockchain-based self custodian wallet MetaMask has reached over 30 million monthly active users (MAUs). The MetaMask is a very popular crypto wallet where users store their ETH tokens along with other Ethereum-based tokens. Many crypto-related platforms accept MetaMask wallets for cryptocurrency-related transactions. MetaMask is one of the largest crypto wallets through which users collect & mint NFTs and participate in the DeFi protocol globally.
More about ConsenSys
ConsenSys is known for its excellence in software establishments, especially in Web3 internet. The company is a pioneer in making DAOs, NFT related projects, DeFi which are universally accessible and easy to use. It was founded by Joseph Lubin in 2014 who is also one of the Co-Founders of Ethereum. As of now, Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin built on Ethereum Blockchain.
However, the firm is determined to convert a larger part of the funding amount into Ethereum native cryptocurrency, Ether (ETH). A huge step has been taken to rebalance the ETH: USD ratio for its treasury strategy. While a big chunk will be given for decentralized finance (DeFi) and governance operation.
Moreover, ConsenSys plans to increase its manpower by 1,000 employees from 700 by the end of this year. It has increased the gender balance in human resources from 19% to 25% in December 2021.
The funding will also support MetaMask in its major expansion phase scheduled to be released by 2022. ConsenSys is also willing to offer a part of the funding to its NFT infrastructure. According to the founder Joseph Lubin, the next funding round will be going for a paradigm shift in the blockchain world. The next round will be ‘Series ETH’ where investors will be encouraged to invest in the native token Ether (ETH).