Etherium Blockchain Firm ConsenSys to Reach $3 Billion Valuation after Latest Fundraising Deal

Etherium blockchain startup ConsensSys is currently raising funds and is expected to reach a $3 billion valuation. The startup has made significant profits in recent months owing to the booming decentralized finance landscape. 

The company is on the brink of closing the funding deal that will take its valuation to $3 billion. In April this year, ConsenSys announced that it had successfully raised around $65 million from investors. Some of the popular investors involved in the “formation round” were UBS, Mastercard, and J.P. Morgan. As of now, the firm has not commented on the latest fundraising. 

SEE ALSO: Monzo Pulls Back U.S Banking Licence Application Due to Regulatory Roadblocks

Major Landmark for ConsenSys

The fundraising will be a major milestone for the blockchain startup that was founded by Ethereium co-founded Joseph Lubin. It seems like Lubin has overcome multiple public missteps in his quest to leverage blockchain technology. 

In the past few years, ConsenSys has cut down on its workforce by ten percent at least twice. The company has restructured itself over the past year and seems to have completely split off its investment arm into a different entity altogether. 

In 2021, investors have shown tremendous interest in digital assets. As the price of Bitcoin and other popular cryptocurrencies move in the upward direction, it has attracted new developers and investors to this booming yet risky sector. 

According to data provided by PitchBook, venture capital firms have invested around a whopping $20.7 billion in cryptocurrency startups in 2021. That is an impressive 160 percent growth since 2018. 

ConsenSys’s major funding has come from Lubin’s personal ‘ether’ holdings. 

MetaMask and its Relationship with ConsenSys

MetaMask is an application developed by ConsenSys which is a noteworthy gateway to decentralized finance programs. The adoption of this application has expanded exponentially as more and more people are interested in cryptocurrencies. Since the start of October 2020, MetaMask has enabled over $8.9 billion of trading. A feature of the app allows users to exchange pairs of digital tokens in tune with the data available on Dune Analytics, a cryptocurrency analysis website. 

According to the Ethereum blockchains startup, the annualized revenues from MetaMask could grow by $1 billion in the next year. Venture capitalists are also eyeing investment opportunities in different start-ups that create applications on Ethereum. 

More about ConsenSys

ConsesnSys was founded in 2014 by Ethereum’s co-founder and is based in New York. The firm invests in and also develops projects that are built on the Ethereum blockchain technology. 

SEE ALSO: PayPal Introduces Cryptocurrency Service in the UK

Feature Image Source: Image by WorldSpectrum from Pixabay

 

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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