- The latest raise values ConsenSys at over $7 billion USD, more than doubling its valuation since its $200 million Series C raise in November 2021.
- In January, MetaMask exceeded 30M monthly active users accessing Web3 applications, a 42% increase in 4 months.
- Infura is the leading Ethereum development platform, with 430,000 developers and in excess of $1 trillion in annualized on-chain ETH transaction volume supported through Infura’s Ethereum API.
- Funding will support the hiring of hundreds of new employees globally, and continued reinvestment in development and tooling for the extended Ethereum ecosystem.
ConsenSys announced the closing a $450 million USD funding round recently, valuing the company at over $7 billion USD. ParaFi led this investment after participating in ConsenSys' Series C in November 2021. New investors Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures joined them. Third Point, Marshall Wace, TRUE Capital Management, and UTA VC, the United Talent Agency's startup fund, also invested. ConsenSys' legal counsel was Sullivan & Cromwell LLP.
ConsenSys created the core software for the Web3 wave of the internet. Their objective is to make DAOs, NFTs, and DeFi universally accessible and buildable.
MetaMask, the premier self-custodial wallet, has grown to over 30 million Monthly Active Users (MAUs) in just four months, illustrating the global popularity of Web3.
Global users rely on MetaMask to mine NFTs, join DAOs, and use DeFi protocols. MetaMask's most active markets include the US, Philippines, Brazil, Germany, and Nigeria.
The money from this investment round will be converted to ETH to rebalance the ETH/USD ratio. This strengthens ConsenSys' “ultra sound money” position when Ethereum transitions to Proof of Stake. These assets are actively put to work in DeFi protocols and via staked utilizing ConsenSys' own financial infrastructure such as MetaMask Institutional and Codefi Staking.
Joseph Lubin, Founder and CEO of ConsenSys said, “I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, tokenization, token launches, wallets, security audits, DeFi (1.0, 2.0 and beyond), NFTs, bridges, Layer-2 scaling, DAOs, and more.
This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies. This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift.”
In addition to a major overhaul anticipated for later in 2022, funding will also support a plug-in extensibility system that will allow integration with a wide range of blockchain protocols and account security systems.
After recently acquiring MyCrypto, MetaMask will be able to further enhance its industry-leading security infrastructure and deliver a seamless user experience across desktop, mobile, extension, and browser wallets.
ConsenSys will also accelerate the global adoption of Infura’s development tool suite as well as ConsenSys’s efforts to drive NFT adoption for artists, content creators, brands, intellectual property owners, game publishers, and sports leagues. Infura now counts 430,000 developers and in excess of $1 trillion in annualized on-chain ETH transaction volume supported through Infura’s Ethereum API.
ConsenSys currently has about 700 full-time employees and plans to scale to over 1,000 by the end of 2022. As an industry leader in diversity, equity and inclusion, ConsenSys partners with organizations like Work180, CryptoChicks and the Black Women Blockchain Council. ConsenSys has raised gender balance in the workforce from 19% to 25% by December 2021. Its belonging scores have also risen, reaching 91% in the current study. ConsenSys is delighted to be a leading force in the “age of community”.
In the blockchain space, ConsenSys has emerged as a key player, according to ParaFi Capital's Ben Forman. Each month, over 30 million users use MetaMask to access web3 and DeFi applications, making it one of the most frequently used blockchain solutions globally for consumers and companies. ParaFi is happy to be an investor and thinking partner in ConsenSys as the firm continues to innovate in decentralized infrastructure.
“We're delighted to partner with Joe and the team to power access to the decentralized web,” said SoftBank Investment Advisers investor Neil Cunha-Gomes. ”We are excited to help ConsenSys take Web3 adoption to the next level with their simple to use, neutral, and secure Web3 ecosystem.”
What is Crypto Currency?
It's critical to distinguish between cryptocurrencies and blockchain technology. Cryptocurrencies are not all built on a blockchain, and not all blockchains support them.
A cryptocurrency is a form of digital currency that is created, maintained, and secured with strong cryptography. This makes its transactions extremely difficult to hack or manipulate.
Unlike other forms of digital assets—like the gold traded on exchanges, money used in online games, or unique virtual assets like company-managed loyalty points—a cryptocurrency is typically censorship-resistant because it is not controlled by a central authority. This inverts the old currency paradigm, whereby currency was created and issued by government monetary authorities and controlled by central banks, such as the United States Federal Reserve.
What is MetaMask?
MetaMask is a browser plugin that serves as an Ethereum and Polygon wallet, and is installed like any regular plugin. Once it's installed, it allows users to store Ether and other ERC-20 tokens, enabling them to make transactions to any Ethereum address.
By connecting to Ethereum-based Dapps, users can spend their coins in games, stake tokens in gambling applications and trade them on decentralized exchanges. It also provides users with an entry point into the emerging world of decentralized finance, or DeFi, providing a way to access DeFi apps such as Compound and PoolTogether.