The New York-based ConsenSys, which focuses on Web3 and blockchain software applications, has no sooner leaped into the big leagues with a new round of funding by SoftBank, Temasek, and even Microsoft to the tune of $450 million. The startup's most recent round of funding was headed by ParaFi Capital and allowed ConsenSys a $7 billion valuation.
Web3 as a whole has grown in popularity over the past several years, most notably in the guise of both NFTs and metaverse concepts. Microsoft, for one, has been incredibly vocal about its adoration for the product line and the potential behind Web3, or Web 3.0, a decentralized and still-theoretical future of the internet.
The tech giant similarly dumped millions via its M12 venture capital fund into the Palm NFT studio, which took home $27 million in its most recent series B led by Microsoft. The gaming and OS provider isn't the only tech company bounding into the Web3 realm, as witnessed by the likes of Disney, Twitter, and the newly-renamed Meta.
Related Article: Biotech Startup Uses Machine Learning Algorithms to Predict the Progress of Cancerous Tumors | How Does it Work
In 2021 alone, blockchain startups have witnessed an intense boom in outside funding. According to CB Insights data via CNBC, $25 billion in venture capital was utilized to fund blockchain startups last year, proving the record berth inherent in the Web3 formula. Only a day prior, Genies Inc, yet another NFT-based platform, saw Bob Iger take a board seat at the firm, in addition to a previously-held $100 million round in funding itself.
The consensus via its investors, such as Microsoft, witness the tech startup as the next step in Web3 and blockchain internet integration. ConsenSys is highlighted best in its Infura Ethereum application design tool, allowing creators to build apps via ConsenSys's own various and easy-to-use tools for the blockchain ecosystem. The product has been awarded $1 trillion in annualized transactions and has an average of 430,000 developers utilizing it as a daily driver.
ConsenSys also offers DeFi (decentralized finance) options for its consumers, specifically in the guise of its cryptocurrency wallet, coined MetaMask. This product aids users in digital banking, allocating their cryptocurrency tokens to one specific place, which can be found either on a mobile-based application or on a web browser extension. MetaMask is where the most cash flow resides for ConsenSys, as the startup takes varied percentages on fees through the trading on this platform. It also boasts a whopping 30 million active users as of January 2022.
The $450 million raised will be put into the ether and allow ConsenSys to hire another 600 employees for the ever-forwarding growth of its continued business. MetaMask will likewise be privy to a top-down remasking, as it were, with a debut slated for late 2022. ConsenSys is also vying to build out a stable Web3 ecosystem with the inclusion of NFTs situated more broadly in its business ventures.
Read Also: Zeta Surgical's Image-Guided Surgery: How Does it Work? Startup Raises $5.2M for Its Ventures
