Business

ConsenSys raises $450M in Series D funding, doubles valuation in four months

blank

On Tuesday, ConsenSys, the leading Ethereum software and decentralized protocol company with product suites like MetaMask, Infura, and Truffle, announced closed a $450 million Series D funding round led by ParaFi Capital. Notable new investors include Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures. The deal has more than doubled its value since the company raised $200 million Series C in November 2021.

The proceeds from the partial round will be converted to Ether (ETH) to rebalance the ratio of ETH to US dollar equivalents in ConsenSys coffers. The Company actively seeks to use its own financial infrastructure to earn interest on such assets in decentralized finance (DeFi), protocol and through staking. Proceeds will also support the expansion of MetaMask, with a major redesign scheduled for release in late 2022 and the implementation of a plug-in extension system that will allow integration with a wide range of protocols blockchain and account security plan.

Back in January, MetaMask surpassed 30 million monthly active users, up 42% in four months. With the wallet, users can mint and collect unusable tokens, join decentralized autonomous organizationsand participate in DeFi protocols. Meanwhile, more than 430,000 developers are using the Ethereum Infura development platform. Its Ethereum API currently supports over $1 trillion in annual on-chain ETH trading volume.

Joseph Lubin, founder and CEO of ConsenSys, made the following comments about the development:

“I think of ConsenSys as a broad and deep power engine for the decentralized protocol ecosystem that can rapidly scale on top of the underlying new architectures that emerge. […] This view has resonated with native crypto investors, and growth in Series D will allow us to execute aggressive growth strategies.”