Ethereum-powered software developer ConsenSys has raised a massive $450 million in capital from its latest Series D funding round. The fresh injection of funds raises the company’s market valuation to a staggering $7 billion. Also, the news complements a landmark moment for the startup’s flagship wallet MetaMask.
ConsenSys has closed a Series D funding round after raising $450 million. The round was led by investors from ParaFi Capital. Tech giant Microsoft, Japan’s SoftBank, and Singapore-based Temasek also participated.
The blockchain startup is renowned for its so-called MetaMask crypto wallet which recently hit a milestone of over 30 million monthly active users
ConsenSys also developed an API suite of web3 solutions called Infura. The tool aids projects focused on building Ethereum-based applications and has so far onboarded around 430,000 developers.
The latest cash inflow takes the startup’s valuation to $7 billion, more than double its market capitalization of $3.2 billion after its $200 million raise back in November 2021.
According to ConsenSys CEO Joseph Lubin, the New York-based blockchain startup plans to deploy the fresh capital towards expansion efforts.
MetaMask users will also receive new features as the company moves to ship a new design for the Ethereum wallet before the end of 2022.
Finally, ConsenSys plans to fund a physical growth expansion and increase its employee count to over 1000 before the year runs out.
Moving forward, CEO Lubin explains that ConsenSys will also support other initiatives in the Ethereum ecosystem and look to integrate protocols that complement the firm’s business model as a blockchain infrastructure provider.