ConsenSys received funds to develop the Ethereum platform
Blockchain company ConsenSys held another round of financing, during which it raised $450 million. This raised its valuation to $7 billion. The round was led by venture capital firm ParaFi Capital, and investors also included technology giant Microsoft, SoftBank, Sound Ventures, and others.
According to ConsenSys executives, the funds received will be converted into Ethereum cryptocurrency. Thus, in future funding rounds, it will be possible to balance the ratio of digital money to traditional money. In addition, ConsenSys plans to expand the number of employees to 600 or more. The MataMask wallet will undergo a major redesign, and an improved version will be introduced this year. In addition, the company will use the funds from the investment round to integrate the system with various protocols and expand the Infura project infrastructure.
ConsenSys will continue to adhere to the goals of developing an ecosystem for Ethereum cryptocurrency. To this end, the toolkit will be expanded and large investments will be made. Before the current round, ConsenSys conducted an investment process last November. At that time, it managed to raise $200 million, after which the company’s valuation was $3.2 billion. The current success shows that the demand for Ethereum solutions from investors is growing, and this direction is considered extremely promising.
ConsenSys develops applications and various tools based on blockchain technology. The founder is Joseph Lublin. The company’s key product is the Ethereum cryptocurrency platform. ConsenSys is actively developing the Web3 space, which is a decentralized network based on tokens.
In 2020, ConsenSys made a deal to acquire the blockchain platform Quorum, which used to be a division of JPMorgan Chase Corporation and then became an independent company.
In addition to the Ethereum platform, the company had a medical division until 2020. Two years ago, ConsenSys Health became an independent company. The head of ConsenSys explained this decision by the fact that medical technology requires separate attention and should occupy all the time and energy of specialists. Being a part of the company, they could not concentrate solely on this direction. Now that ConsenSys Health has become an independent entity, its development will be much faster and more successful.
Heather Lee Flannery, who previously held a position at Microsoft and then served as head of an obesity prevention and treatment organization, has taken over as head of the company. ConsenSys Health plans to expand into providing innovative solutions for the health care system. This will improve the way we fight many diseases.