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Microsoft Invests in Ethereum Developer ConsenSys

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Tue, 03/15/2022 - 15:15
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Alex Dovbnya
Ethereum developer ConsenSys has nabbed a $7 billion valuation, becoming one of the biggest cryptocurrency companies
Microsoft Invests in Ethereum Developer ConsenSys
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The valuation of Ethereum software developer ConsenSys has swelled to $7 billion after the Brooklyn, New York-headquartered company raised $450 million during its Series D funding round, according to a Tuesday press release.

The massive fundraising was spearheaded by blockchain-focused alternative investment firm ParaFi Capital. Notably, the list of investors includes tech giant Microsoft as well as SoftBank's Vision Fund 2.

ConsenSys, which is known for developing the popular MetaMask cryptocurrency wallet, has more than doubled its valuation from the $3.2 billion it reached in November thanks to a $200 million Series C funding round. The round included such participants as banking giant HSBC and U.K.-based hedge fund Marshall Wace.

The company plans to expand its staff to 1,000 employees by the end of the year.

MetaMask, one of the core products, is slated to get a "major redesign" earlier this year, recently topping 30 million active monthly users. With the help of the recently injected capital, ConsenSys will also focus on scaling its flagship developer, Infura.

ConsenSys CEO Joseph Lubin, one of the co-founders of the Ethereum blockchain, says that his company has "broad and deep" capabilities in a statement.

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Taking aim at Solana

In a newly published interview with the Financial Times, Lubin took a swipe at Solana, a rival cryptocurrency network, claiming that it has to work on developing a "sustainable" business model.

As reported by U.Today, Bank of America recently predicted that Solana would keep chipping away at the market share of its bigger rival due to its fast and cheap transactions despite the centralization trade-off.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.