HomeCoinsEthereum (ETH)Ethereum developer ConsenSys poised to double its valuation in pending fundraise

Ethereum developer ConsenSys poised to double its valuation in pending fundraise

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ConsenSys, the Ethereum software company behind crypto wallet MetaMask, is poised to more than double its valuation with what will be a third fundraise in less than 12 months.

The firm has held talks with potential backers about investing at a valuation of roughly $6.5 billion, according to three people close to the discussions. While the size of the latest fundraise is unclear, several sources believe the company’s post-money valuation will be close to $7 billion.

ConsenSys declined to comment when reached.

The company last raised funds in November 2021, when it announced a $200 million round at a valuation of $3.2 billion. New investors in that round included British hedge fund Marshall Wace, Daniel Loeb’s Third Point Ventures and HSBC.

In April 2021, ConsenSys raised $65 million from backers including UBS, Mastercard and JPMorgan.

Ethereum in full gear

ConsenSys has developed half a dozen core products, all aimed at widening access to the Ethereum ecosystem. Crypto wallet MetaMask and Infura, the developer platform, are its flagship tools.

When announcing its $200 million raise in November, the company said in a blog post that Infura had increased its users from 100,000 to 350,000 in the previous year. At that time, MetaMask’s monthly user base numbered 21 million — up 38 times from 2020. The wallet also operates a service targeting institutional investors, giving them the means to interact with DeFi apps.

At the time of its last raise, ConsenSys said the $200 million would be used to rapidly expand both MetaMask and Infura, while also fuelling 400 new hires across the group.

“The paradigm shift to a world running on decentralized protocols is in full gear,” said ConsenSys’s founder and CEO Joseph Lubin in a statement.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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