Consensys raises another $200 million as its valuation hits $3.2 billion
Consensys, the company that created Metamask which is the ubiquitous wallet for the Ethereum blockchain, has raised $200 million in its latest funding round that pushes its valuation to $3.2 billion.
The participants in the investing round were HSBC, Marshall Wace, Third Point, and others. The primary product of the company is the Metamask wallet which is currently used by over 21 million users. This wallet now has both a mobile version as well as a browser extension and it is the most preferred wallet for Ethereum users and developers as well. This has led to it being used not only for storage of the crypto holdings of millions of users but also for connecting to a lot of web applications including NFT marketplaces, blockchain games, DeFi applications, and others. The crypto wallet is the basis for any transaction that needs to happen on the blockchain and it also helps to maintain the crypto holdings of all those who are into crypto, big and small, making its usage something that cannot be done without, as far as the crypto industry is concerned.
Joseph Lubin, CEO, ConsenSys, said: “We are honored to partner with some of the top financial and strategic investors from both traditional and next-generation economies to accelerate the realization of Web3. “As our technology crosses into the mainstream, we are already seeing the transformation of how larger and larger cohorts of builders, users, artists, and enterprises live and work.”
It is expected that the new funds would be used to expand the team by adding 400 more resources as the platform seeks to expand on its Web3 integration and makes its usage even more so that more users can be easily onboarded. The crypto industry has seen some strong growth this year and it seems to be steadily moving into mainstream usage which means that the technology also has to follow suit and so crypto not only needs to become advanced and scalable to take in these new users but also simple and user-friendly so that new users can be easily onboarded and the technically challenged also do not feel the technology as a barrier for entry into the crypto world. Consensys is also building on its Infura blockchain and this funding is also expected to flow into that as more networks enter into the blockchain industry with space for even more.