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ConsenSys Reaches Unicorn Status after New Funding

UTC by Ibukun Ogundare · 3 min read
ConsenSys Reaches Unicorn Status after New Funding
Photo: MoneyConf / Flickr

This funding has helped ConsenSys to reach the coveted unicorn status. The company is now among the leading crypto-focused firms. 

Blockchain software technology company ConsenSys announced that it had raised $200 million in a funding round, pushing the company’s valuation to $3.2 billion. The blockchain company was able to secure the new funds from contributions from both old and new investors.

ConsenSys Now Valued at $3.2B after Recent Funding

Existing investors such as HBSC, Defiance Capital, and Animoca Brands participated in the recent funding, alongside some other new investors. Other old investors contributing to ConsenSys’s latest financing round are Electric Capital, Coinbase Ventures, The Spartan Group, and DragonFly Capital.

The other new investors added to the blockchain firm’s fresh funds are Think Investments, Third Point, and Marshall Wace.

This funding has led ConsenSys to reach the coveted unicorn status, a term that describes new companies with a valuation of $1 billion and above. The company is now among the leading crypto-focused firms.

ConsenSys has been seeing significant growth over the past months. One of its products, MetaMask, saw a surge in its monthly active users. The wallet, which has both a mobile and browser extension, is the preferred wallet for Ethereum users and developers. In the last four months, MetaMask has skyrocketed and now boasts about 21 million monthly active users. The increased monthly active users also represent a 38X increase year-on-year.

ConsenSys’s MetaMask Wallet

MetaMask has served as a pathway for users to enter the DeFi by providing an infrastructure that connects decentralized exchanges. According to ConsenSys founder Joseph Lubin, the mission of MetaMask is to “democratise access to web3 in a way that prioritizes consent, privacy, and free association.”

Commenting on the ConsenSys MetaMask wallet, the CEO of one of the investing firms, Third Point, said:

“ConsenSys’ MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web.”

ConsenSys noted that MetaMask’s in-app swap had enabled over $10 billion in P2P token swapping.

On another side, ConsenSys brokered a deal to take control of an open-source version of Ethereum. This version of Ethereum is known as Quorum and can be used to create supported networks. The platform has an overall base of close to 100 customers and is currently used by ten central bank digital currency projects.

For a company founded in 2014, ConsenSys appears to be finding its right footing in the crypto space. Though most funded by the CEO’s personal wealth, the company reportedly spends up to 100 million per year.

Generally, the crypto industry has seen tremendous growth this year, which means that certain technologies have to follow suit. This, in relation to the ConsenSys funding round, is to build and expand a unique platform for consumers.

At the same time, crypto venture capital has recorded milestones since the year began. VC firms committed over $17 billion to crypto companies between January to October 2021.

Blockchain News, Business News, Cryptocurrency news, Ethereum News, Investors News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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