Blockchain software engineering firm ConsenSys have announced a $65 million funding round, with key investors including JP Morgan, Mastercard, and UBS.
New York based ConsenSys, founded in 2015, develop decentralized software services and applications that operate on the Ethereum blockchain.
Ethereum is the second-largest cryptocurrency by market capitalisation after Bitcoin, and the most popular blockchain for real-world deployments.
Other investors in the round included Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research.
The company’s diverse product suite includes Infura, Codefi, MetaMask, Truffle, Diligence, and Quorum, which it acquired from JP Morgan in August 2020.
ConsenSys said it will use the funding to "accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure".
The news comes as blockchain continues to gain increased acceptance from traditional financial institutions.
Visa recently became the first major payments company to accept transactions in USD Coin (USDC), a stablecoin backed by the US dollar.
“When we set out to raise a round, it was important to us to patiently construct a diverse cap table, consistent with our belief that similar to how the web developed, the whole economy would join the revolutionaries on a next generation protocol,” said Joseph Lubin, founder of ConsenSys. “ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum.”
He added: “We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry.”
“Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio,” said Mike Dargan, head of group technology at UBS. “This investment underscores our commitment to working with FinTechs and the broader tech ecosystem to shape the future of banking for the benefits of our clients.”
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