Wednesday, October 20, 2021

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    ConsenSys funding round would value crypto start-up at $3bn

    Cryptocurrency startup ConsenSys, which is benefiting from the decentralized financial boom, has raised $ 3 billion in funding, according to people who were briefed on the plan.

    Based in New York, ConsenSys develops and invests in projects built on the Ethereum distributed ledger, a Bitcoin rival that can be used to create financial services apps and other automated software programs.

    ConsenSys announced in April that it had raised $ 65 million from JP Morgan, Mastercard, UBS and other investors. This is what the company called a “formation round.” He declined to comment on funding.

    This funding will be an important milestone for the seven-year-old company led by Ethereum co-founder. Joseph Lubin, Has overcome some public failures in its attempts to utilize blockchain technology. Rubin has cut headcount by more than 10% at least twice, and ConsenSys reorganized last year to split its investment sector into separate entities.

    Investors Pour money Soaring Bitcoin and other cryptocurrencies have entered digital assets this year as developers and new users are attracted to the fast-growing but high-risk sector.

    Venture capitalists have invested $ 20.7 billion in cryptocurrency startups so far this year, up more than 160% from previous records in 2018, according to PitchBook data.

    Rubin personally owns Ethereum, a digital asset related to Ethereum, mostly self-funded ConsenSys.

    Developed by ConsenSys, a popular gateway to decentralized financial programs, MetaMask has grown rapidly as more and more people try cryptocurrencies.

    Since October 2020, MetaMask has facilitated over $ 8.9 billion in transactions through the ability for users to exchange pairs of digital tokens. data At the cryptocurrency analysis site Dune Analytics.

    MetaMask charges a 0.875% commission on each transaction, with revenues in excess of $ 78 million over the same period.

    ConsenSys predicts that annual revenue from MetaMask could increase to $ 1 billion over the next year, one said, explaining the numbers. MetaMask has more than 10 million monthly users, the company said last month.

    Several other start-ups developing apps on Ethereum have recently received a lot of praise from venture capitalists.

    The development team behind the popular crypto-based video games Axie Infinity On Tuesday, it announced that it had raised $ 152 million, led by Andreessen Horowitz, and valued the company at $ 3 billion.

    Bitcoin prices have risen by more than 400%, while Ether has risen by more than 920% over the past year.

    Video: Why Every Dogecoin Has That Day-Cryptographic Explanation

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    ConsenSys funding round would value crypto start-up at $3bn Source link ConsenSys funding round would value crypto start-up at $3bn

    The post ConsenSys funding round would value crypto start-up at $3bn appeared first on California News Times.

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