ConsenSys, a blockchain technology company, has raised $450 million in a recent funding round valuing the company at $7 billion. The massive Series D funding round has more than tripled the firm's previous November 2021 valuation.
It is noteworthy to mention that tech giant Microsoft has dived into the Web3 space by investing in the round. SoftBank, ParaFi Capital, and Temasek were other investors in the funding round. Additionally, a host of celebrity investors, including rappers 21 Savage and Young Thug, were also involved in the round.
ConsenSys was founded in 2014 by Joseph Lubin, one of Ethereum's co-founders. Ether is the world's second-largest cryptocurrency, second only to Bitcoin, and is built on Ethereum's blockchain.
ConsenSys develops software for the Ethereum blockchain. They are the parent company of MetaMask cryptocurrency wallet, which has over 30 million monthly active users, and Infura. MetaMask's trading fees account for a majority of ConsenSys’ income currently.
The company announced that all proceeds from its latest funding round would be converted into Ether. Also, the funds will be used to hire 600 additional personnel, redesign MetaMask, and grow ConsenSys' NFT business.
The diversity of the investors (Tech giants, rap artists, Banks, venture capital firms, etc) highlights a surge in global interest in Web3.
Tech giants like Meta, Twitter, Amazon are lining up to ride the Web3 wave. JP Morgan also recently ventured into the Metaverse. The Web3 technology is set to revolutionize the financial services industry as we know it.