Microsoft, Temasek And Softbank Invest $450M In Joseph Lubin’s ConsenSys For Web 3.0 MetaMask Expansion

1 min read

More exciting news in the Meta world. MetaMask developer ConsenSys continues to accrue support for its applications. Investments and partnerships with leading tech companies will be important for their bid in remaining a top blockchain developer.

Microsoft, Temasek Holdings and SoftBank Group invested in Ethereum co-founder Joseph Lubin’s blockchain-technology company ConsenSys at a US$7 billion valuation, more than twice what it was valued at in November.

ConsenSys raised US$450 million from the 3 giants and existing backers including Dan Loeb’s Third Point in a Series D funding round, according to an emailed statement Tuesday (Mar 15). SoftBank invested through its Vision Fund 2. The valuation jumped from US$3.2 billion in ConsenSys’s previous round.

Raising the money was “relatively easy”, Lubin, ConsenSys’s founder and chief executive officer, said in an interview. He said the company has business ties with Microsoft and has attracted some of the software maker’s clients to its Quorum service, which enables enterprises to operate large-scale blockchain networks.

ConsenSys will use the proceeds to buy Ether for its treasury, which holds the second-largest cryptocurrency along with stablecoins and other digital tokens. The funding will also support the expansion of MetaMask, a crypto wallet that clients can use to access various blockchain apps, Lubin said, adding that ConsenSys is planning a major redesign of the product this year.

MetaMask has more than 30 million monthly active users, according to the statement, up 42 percent from 4 months ago. ConsenSys also said it expects to have more than 1,000 employees by year-end, compared with almost 700 now.

Lubin also downplayed the threat that Ethereum might lose its dominance in so-called decentralized finance applications, dismissing it as “not even a remote possibility”. That’s because Ethereum has stronger security than some smaller blockchains like Solana, he said.

Via This Site

Have A Story? Get Featured On Golemglobe Plus 100+ More Exclusive Crypto News Sites