Blockchain startup ConsenSys created by Ethereum co-creator Joseph Lubin, has received $ 450 million in a new round of financing, which includes an investment from Microsoft.
Microsoft also invested in ConsenSys in the last round of financing
According to a report by CNBC, ConsenSys has more than doubled its valuation to $ 7 billion after this round of funding. ParaFi Capital led a new $ 450 million financial injection, with Japan’s SoftBank and Singapore’s Temasek joining Microsoft as new investors.
According to the available information, the proceeds from this financial round will be used to increase its position in ETH. The company is a long-term ETH bull and currently uses its resources to generate revenue through various DeFi protocols and their staking mechanisms.
In addition, the funds will be used to recruit 600 or more employees. Start-up is also working to redesign its MetaMask application and expand its business with unmistakable tokens (NFT). ConsenSys announced creation of a decentralized autonomous organization (DAO) and launch of the native MetaMask token.
The MetaMask self-service cryptocurrency is one of ConsenSys’ most popular products and has seen a 42% increase in the number of active users per month in less than 4 months. According to the company, MetaMask is moving towards “progressive decentralization”.
Lubin added that a major redesign for MetaMask could be deployed sometime in 2022. In addition, MetaMask will deploy new features that allow it to interface with various blockchain networks and “account security schemes”.
The New York-based blockchain startup was founded in 2014 by Joseph Lubin, co-creator of the ETH blockchain. The company designs software that runs on the ETH network and other blockchain solutions. this is another investment related to Microsoft’s cryptocurrencies. The company has previously invested in Palm NFT Studio, another project created by Lubin.
Microsoft’s investment in ConsenSys demonstrates the growing interest of the technology giant in Web3, which is focused on re-creating the Internet in a more decentralized way using blockchain technology and applications.
According to CNBC, Silicon Valley has attracted a massive new wave of investment and interest in Web3 over the past year. Referring to data from CB Insights, the report states that startups based on blockchain technology gained a record $ 25 billion worldwide in 2021.