Thursday, September 29, 2022
HomeDeFiConsenSys raises $450M in Series D fundraising

ConsenSys raises $450M in Series D fundraising

ConsenSys, the leading Ethereum and decentralised protocols software firm with product suites including MetaMask, Infura, and Truffle, announced the closing of a $450 million Series D investment round headed by ParaFi Capital on Tuesday. Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures were among the notable new investors. The transaction more than doubles the firm’s worth since its $200 million Series C financing in November 2021.

Proceeds from the round will be converted to Ether (ETH) in part to rebalance the ETH-to-USD-equivalent ratio in ConsenSys’ treasury. The company aggressively aims to leverage its own financial infrastructure to generate dividends on such assets via DeFi protocols and staking. The funds will also be used to expand MetaMask, with a significant redesign anticipated for later in 2022, as well as the development of a plug-in extensibility framework that will enable integration with a broad range of blockchain protocols and account security methods.

MetaMask topped 30 million monthly active users in January, signifying a 42 percent growth in four months. Users may use the wallet to create and acquire nonfungible tokens, as well as join decentralised autonomous organisations and engage in DeFi protocols. Meanwhile, the Ethereum development platform, Infura, is used by over 430,000 developers. Its Ethereum API now enables an annual on-chain ETH transaction volume of more than $1 trillion.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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