Recent funding boosts ConsenSys valuation by more than 100% to more than $ 7 billion: report

ConsenSys’ valuation doubles to more than $ 7 billion after final funding

Technology firm ConsenSys Blockchain said its valuation doubled to more than $ 7 trillion on Tuesday after a recent round of financing including 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.

“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 in the last round, said it would use the funds to expand its MetaMask offering with a redesign that is 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 plans to convert all round funds to the ether (ETH), the second-largest cryptocurrency after bitcoin, in line with the company’s treasury strategy to rebalance the relationship between ETH and the US dollar equivalent. Lubin has contributed a lot to the development of cryptocurrency.

ConsenSys, valued at $ 3.2 billion in its latest funding round in November, is growing the list of crypto companies that have seen valuations rise in recent months as a result of a “Web3” outburst of interest and the market for non-fungible markets. tokens (NFT).

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

(This story was not edited by NDTV staff and was automatically created from a union feed.)

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