ConsenSys Blockchain says valuation has doubled to more than $ 7 billion after new funding from Microsoft and SoftBank

Technology firm ConsenSys Blockchain said its valuation doubled on Tuesday to more than $ 7 trillion (roughly Rs 53,421 crore) after the latest round of financing, which included investments in SoftBank Vision Fund 2 and Microsoft.

ConsenSys, founded by Joseph Lubin, is an Ethereum blockchain company whose products help developers, businesses and users build applications for the so-called “Web3” space. The price of Ethereum was at Rs from 15:13 on 16 March in India. 2.11 miles.

“Web3” is used to describe the next potential phase of the Internet: the decentralized web that runs on the blockchain technology.

The company, which raised $ 450 million (about $ 3,434 million) in the last round, said it would use the funds to expand MetaMask with a redesigned offering, which was expected to be released later this year. MetaMask is a cryptographic wallet used to buy, sell, and exchange tokens.

Among the new round investors led by ParaFi Capital were Singapore’s Temas, Anthos Capital, Sound Ventures and C Ventures.

ConsenSys said it intends to convert all rounded funds to Ether (ETH), the second largest cryptocurrency after bitcoin, to rebalance the relationship between ETH and US dollar equivalents, in line with the company’s treasury strategy. Lubin has contributed a lot to the development of cryptocurrency.

ConsenSys, which was valued at $ 3.2 trillion (about $ 24.421 billion) in the last round of financing in November, joins the growing list of crypto companies that have seen ratings rise in recent months driven by “Web3” interest spikes. launch of non-fungal token (NFT) markets.

Earlier this year, Web3 developer platform Alchemy nearly tripled its valuation to $ 10.2 billion (approximately $ 77.837 billion) after a round of funding led by Lightspeed and Silver Lake.

© Thomson Reuters 2022

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