PHOTO FILE: The presentation of the cryptocurrency Ethereum can be seen in this illustration made on August 6, 2021. REUTERS / Dado Ruvic / Illustration

March 16, 2022

(Reuters) – ConsenSys, a technology blockchain, said on Tuesday that its valuation had more than doubled to more than $ 7 billion since the last round of financing, which included investments from SoftBank Vision Fund 2 and Microsoft.

ConsenSys, founded by Joseph Lubin, is a blockchain company called Ethereum, whose products help developers, businesses and users create applications focused on the so-called “Web3” space.

“Web3” is used to describe the potential next phase of the Internet: a decentralized network running on a blockchain recording technology.

The company, which raised $ 450 million in the last round, said it was using the funds to expand its MetaMask offering with a redesign that is expected to be released later this year. MetaMask is a crypto-wallet used to buy, sell and exchange tokens.

Investors in the new round led by ParaFi Capital also included Singapore’s Temasek, Anthos Capital, Sound Ventures and C Ventures.

ConsenSys has said it intends to convert all funds from Round to Ether (ETH), the second-largest cryptocurrency after bitcoin, to balance ETH’s ratio to U.S. dollar equivalents in line with the company’s Treasury strategy. Lubin made a significant contribution to the development of cryptocurrency.

ConsenSys, valued at $ 3.2 billion in the last round of funding in November, joins a growing list of crypto companies whose estimates have jumped in recent months due to an explosion of interest in Web3 and the launch of irreplaceable token (NFT) marketplaces.

Earlier this year, Alchemy’s Web3 development platform nearly tripled its estimate to $ 10.2 billion after a round of funding led by Lightspeed and Silver Lake.

(Report by Mania Saini of Bangalore and Crystal Hu in New York; edited by Wine Dwidi)

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