ConsenSys reaches $7B valuation in Series D Raise

ConsenSys valued at $7 billion

ConsenSys has received additional funds to assist in the construction of Web3 infrastructure.

The top blockchain software company, Blockchain Software Corporation, announced Tuesday the closing of its Series D funding round. This raised an additional $450M and brought its current value to $7 billion. 

The crypto venture giant ParaFi Capital led the raise, doubling down on its contribution to ConsenSys’ previous Series C raise in November 2021. The first companies to contribute were Anthos Capital and Sound Ventures, SoftBank Vision Fund 2, Microsoft, Temasek, and SoftBank Vision Fund 2.

In a blog post announcing the raise, ConsenSys stated it would convert the capital to Ethereum to rebalance the ratio of ETH to USD equivalents in line with ConsenSys’ treasury strategy. ConsenSys has a large treasury consisting of stablecoins, ETH and other crypto tokens. This is used to generate yield via DeFi protocols as well as via staking. 

This post also describes how the new funding will help MetaMask expand rapidly, with a major redesign planned for later in 2022. Web3 wallet, which has 30 million monthly active users, is currently the most used Ethereum wallet in the world. 

Joseph Lubin, ConsenSys CEO and founder, commented on the $450 Million raise.

“I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge… This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies.”

One of ConsenSys’ most recent ventures involves creating a ZK-Rollup-based Ethereum scaling solution in partnership with Mastercard. ConsenSys believes that this new solution will allow for a wide range of potential use cases, such as CBDCs, decentralized and scalable exchanges, and micropayments.

ConsenSys has faced criticism for its efforts to develop blockchain infrastructure. At the beginning of March, the company’s MetaMask wallet came under fire after users in Venezuela and Iran reported that they were unable to access the Web3 wallet. In response, the firm blamed its Ethereum API Infura for the block, citing “legal compliance.” The incident called into question ConsenSys’ commitment to decentralization and raised concerns about the company’s control over Web3 technologies. 

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