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Ethereum developer ConsenSys poised to double its valuation in the coming fundraise
With its third financing in less than a year, ConsenSys, the Ethereum software company behind crypto wallet MetaMask, is poised to more than double its valuation. According to multiple sources, the company's post-money valuation will be about $7 billion.
According to the document, ConsenSys has decided on a pre-money valuation of $6.7 billion. The round will consist of $300 million in primary fundraising — implying a post-money valuation of $7 billion — and $200 million in secondary deals. According to the same document, the funds will boost expansion and make acquisitions.
The company last announced funding round in November 2021, when it launched a $200 million round at a $3.2 billion valuation. Marshall Wace, Daniel Loeb's Third Point Ventures, and HSBC were among the new investors in that round.
ConsenSys has created a half-dozen primary products to make the Ethereum ecosystem more accessible.
MetaMask, a cryptocurrency wallet, and Infura, a developer platform, are its essential products. Infura has grown from 100,000 to 350,000 users in the preceding year, while MetaMask's monthly user base was 21 million at the time, up 38 times from 2020.
“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.