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ConsenSys, founded by Joseph Lubin, is an Ethereum blockchain
firm whose products help developers, enterprises and users build
applications geared towards the so-called "Web3" space.
"Web3" is used to describe a potential next phase of the
internet: a decentralized web run on the record-keeping
technology blockchain.
The company, which raised $450 million in the latest round, said
it would use the funds to expand its MetaMask offering with a
redesign, expected to release later this year. MetaMask is a
crypto wallet used to buy, sell and swap tokens.
Investors in the new round led by ParaFi Capital also included
Singapore's Temasek, Anthos Capital, Sound Ventures and C
Ventures.
ConsenSys said it intends to convert all funds from the round to
ether (ETH), the second largest cryptocurrency after bitcoin, to
rebalance the ratio of ETH to U.S. dollar-equivalents in line
with the company's treasury strategy. Lubin has contributed
heavily to the development of the cryptocurrency.
ConsenSys, which was valued at $3.2 billion in its last funding
round in November, joins a growing list of crypto companies
whose valuations have jumped in recent months driven by the
explosion of interest in "Web3" and with the launch of
marketplaces for non-fungible tokens (NFT).
Earlier this year, "Web3" developer platform Alchemy nearly
tripled its valuation to $10.2 billion after a funding round led
by Lightspeed and Silver Lake.
(Reporting by Manya Saini in Bengaluru and Krystal Hu in New
York; Editing by Vinay Dwivedi)
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