Consensys buys ETH worth $140 million

ConsenSys announced the closing of a $450 million funding round, bringing its valuation to more than $7 billion.

As stated by the company, all proceeds received will be converted into ETH to rebalance the ratio of ETH to USD equivalents, in line with ConsenSys’ treasury strategy.

According to ConsenSys, this further boosts the company’s “ultrasonic cash” position ahead of ETH’s upcoming merger with Proof of Stake.

“ConsenSys has long held a significant treasury of ETH, stablecoins and other tokens. And it is actively using its own financial infrastructure, such as MetaMask Institutional and Codefi Staking, to put these assets to work across DeFi protocols and via staking.”

As Joseph Lubin, founder and CEO of ConsenSys, has highlighted, the company is like a broad and deep resource machine for the decentralized protocol ecosystem.

“Able to quickly capitalize on emerging fundamental new constructs at scale, such as developer tools, tokenization, token releases, wallets, security audits, DeFi (1.0, 2.0 and beyond), NFTs, bridges, Layer 2 scaling, DAOs, and much more”, he declared.

Also according to him, the next round of investment will be called the “ETH Series”. In this round, the company says it intends to help “investors to become fully native to cryptocurrencies to contribute ETH as a symbol and commitment to the ongoing paradigm shift.”

Lubin also said the funding will support the rapid expansion of MetaMask with a major revamp scheduled for release in late 2022, as well as the rollout of a plugin extensibility system that will allow for integration with a wide variety of blockchain protocols and schemes. account security.

“ConsenSys will also accelerate the global adoption of Infura’s development toolset, as well as its efforts to drive NFT adoption by artists, content creators, brands, intellectual property owners, game publishers and sports leagues,” he said. the company.

With nearly 700 full-time employees, ConsenSys also plans to use the resources to grow its workforce. Thus, it aims to scale to more than 1,000 employees by the end of 2022.