Ethereum technology solutions provider ConsenSys has announced another massive funding round proving that interest in the world’s largest smart contract network is not waning.
On March 15, ConsenSys announced that it had closed a $450 million Series D financing round, bringing its valuation to over $7 billion. The funding round was led by ParaFi Capital and included a number of the usual crypto venture and tech giants such as Singapore’s Temasek, Microsoft, SoftBank, Vision Fund 2, and Anthos Capital. Previous investors included Third Point, Marshall Wace, and TRUE Capital Management.
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The big names in tech and investment putting their money behind an Ethereum and Web3 software firm highlights that they envisage a bright future for the world’s second-largest cryptocurrency network.
According to the announcement, the investment will be converted into ETH to “rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy.”
Ethereum into the future
The company has maintained a sizable treasury of Ethereum and stablecoins which it actively uses to finance its own infrastructure. It also uses this stash to generate yields in various DeFi staking protocols.
Commenting on the fourth major funding round for the company, CEO Joseph Lubin stated:
“This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift.”
The funding will also be channeled into the firm’s flagship crypto wallet, MetaMask which is scheduled for a major upgrade later this year. MetaMask, now has more than 30 million monthly active users, exhibiting growth of 42% in just four months, the announcement added.
The company also plans to accelerate the global adoption of Infura’s development tool suite and further drive NFT growth. Infura interacts with the Ethereum blockchain and runs nodes on behalf of its users, leading some to question the network’s decentralization since it is the backbone of the network.
ConsenSys will go on a hiring spree this year, expanding its 700 employees to over 1,000, it stated. In November, ConsenSys closed a $200 million financing round which followed the $65 million that the firm raised in April from backers that included JPMorgan, MasterCard, and UBS.
ETH Price In Retreat
There may be a huge interest in the future of the Ethereum infrastructure, but the asset itself has been trading sideways since mid-January.
ETH prices have made 3.6% on the day to keep them within that range-bound channel at $2,643 at the time of press. The asset is currently down 46% from its November 2021 peak.
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