Leading crypto developer ConsenSys has announced the completion of its Series D funding round, through which it realized $450 million.
ConsenSys disclosed that the funds would be converted to ETH “to further build Consensys’ ‘ultra-sound money’ position as a rebalance to its ETH to fiat ratio in line with ConsenSys treasury strategy.”
Microsoft (NASDAQ:MSFT) Bets on ConsenSys
According to ConsenSys, the funding round was led by ‘ParaFi Capital‘. The round also saw the existing investors, ‘Third Point’, ‘Marshall Wace’, ‘True Capital Management’, and ‘UTA VC‘, place bets on ConsenSys.
New participants to the project were ‘Microsoft‘, Japan’s ‘SoftBank‘, and Singapore’s ‘Temasek’. The investment marks a rare crypto-related bet from Microsoft. In addition, Microsoft has shown interest in Web 3.0, a sector which investors believe ConsenSys will power.
ConsenSys Hits $7 Billion Valuation
Alongside the announcement of its latest funding round, ConsenSys revealed that the company is now valued at $7 billion – more than double its November 2021 valuation.
In November 2021, we reported that ConsenSys was valued at $3.2 billion after it concluded a $200 million Series C funding round led by Third Point.
In other news, the Athletic reported that ConsenSys had won the ‘Premier League‘ non-fungible token (NFT) deal.
On the Flipside
- The funding round was marred by allegations that Joseph Lubin, ConsenSys’ founder, illegally shifted assets from ConsenSys Mesh into CSI as part of the transaction.
Why You Should Care
Microsoft’s investment in ConsenSys highlights the growing interest from the world’s leading tech firms in Web 3.0 technology.
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