ConsenSys Blockchain Firm Says Valuation Doubled to Over $7 Billion After New Funding From Microsoft, SoftBank

ConsenSys is an Ethereum blockchain firm whose products help developers and enterprises build applications for "Web3" space.

By Reuters | Updated: 16 March 2022 15:23 IST

Photo Credit: Consensys

Consensys said it would use the funds to expand its MetaMask offering with a redesign

Highlights

Consensys raised $450 million (roughly Rs. 3,434 crore) in latest round
MetaMask is a crypto wallet used to buy, sell, and swap tokens
Consensys intends to convert all funds from the round to Ether

Blockchain technology firm ConsenSys said on Tuesday its valuation had more than doubled to over $7 billion (roughly Rs. 53,421 crore) after its latest funding round that included investments from SoftBank Vision Fund 2 and Microsoft.

ConsenSys, founded by Joseph Lubin, is an Ethereum blockchain firm whose products help developers, enterprises, and users build applications geared towards the so-called "Web3" space. Ethereum price in India as of 3:13pm on March 16 stood at Rs. 2.11 lakh.

"Web3" is used to describe a potential next phase of the internet: a decentralised web run on the record-keeping technology blockchain.

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The company, which raised $450 million (roughly Rs. 3,434 crore) in the latest round, said it would use the funds to expand its MetaMask offering with a redesign, expected to release later this year. MetaMask is a crypto wallet used to buy, sell, and swap tokens.

Investors in the new round led by ParaFi Capital also included Singapore's Temasek, Anthos Capital, Sound Ventures, and C Ventures.

ConsenSys said it intends to convert all funds from the round to Ether (ETH), the second largest cryptocurrency after bitcoin, to rebalance the ratio of ETH to US dollar-equivalents in line with the company's treasury strategy. Lubin has contributed heavily to the development of the cryptocurrency.

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ConsenSys, which was valued at $3.2 billion (roughly Rs. 24,421 crore) in its last funding round in November, joins a growing list of crypto companies whose valuations have jumped in recent months driven by the explosion of interest in "Web3" and with the launch of marketplaces for non-fungible tokens (NFT).

Earlier this year, "Web3" developer platform Alchemy nearly tripled its valuation to $10.2 billion (roughly Rs. 77,837 crore) after a funding round led by Lightspeed and Silver Lake.

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Further reading: Consensys, Joseph Lubin, Joe Lubin, Microsoft, Softbank, Softbank Vision Fund 2, MetaMask, Web3, Blockchain, Ethereum, Ethereum Price in India