ConsenSys Raises $65 Million From Investment Round
On Tuesday, 13th April, Ethereum studio ConsenSys announced that it has already raised about $65 million in funding from investors such as UBS, MasterCard, JP Morgan, and top crypto firms. This is the pioneer outside funding round done by ConsenSys. The rounds arrive at the pivotal period for ConsenSys. The firm is looking to quickly grow its partnerships with the conventional financial firms while placing itself as the head in launching new protocols plus building infrastructure in the Ethereum blockchain.
Joe Lubin, the ConsenSys founder, explained funding rounds as too oversubscribed and mentioned JP Morgan as the head or lead investor. Lubin stated that every one of the investors, such as crypto companies Protocol Labs, the LAO, and Maker Foundation, would play a key role to aid ConsenSys in navigating diverse geographies and industries. According to Lubin, it’s good to join between the conventional economy plus venture capitalists and the fresh crypto protocols. This enables ConsenSys to retain the street credibility and validates techs using the financial institution’s legacy.
Many Still Unfamiliar with ConsenSys’ Nature of Business
In spite of the popular investors and huge fundraises, several people in the cryptocurrency world remain unfamiliar with ConsenSys’s business perspective. This is partly due to the firm’s sprawling operations plus the quick evolution series since its formation as the incubator for a set of related Ethereum projects. Meanwhile, ConsenSys has swelled to over 1,000 staff and a portfolio projects laundry list by 2016 and later dismissed hundreds of workers amidst the crypto winter downturn.
ConsenSys Witnesses Massive Adoption of Some Homegrown Platforms
Lately, this firm is on the upswing because of the high ETH price and prominent partnerships like with JPM that spun off the unit Quorum of blockchain enterprise, selling it to the ConsenSys. ConsenSys has witnessed massive adoption of certain homegrown platforms such as the MetaMask, a wallet used to navigate decentralized webs. Other prominent ConsenSys products are Kit Truffle of blockchain developer tool, Provider Infura of Ethereum infrastructure, and the EulerBeats, an NFTs music collection built by Treum (ConsenSys firm).
The rise in requests for ConsenSys software tools has lately led ConsenSys to divide into two corporate offices. The first and newer one is known as (CIS) ConsenSys Software Inc. It is assigned to supply blockchain software stacks to clients. The second and original one, the mothership firm, is now rebranded and called ConsenSys Mesh. It continuously serves as a venture capital company and an incubator.