Ethereum lab ConsenSys raises $65 million from JPMorgan and Mastercard
The Ethereum incubator would use the proceeds to build products in Web3 and DeFi.
Ethereum incubator and blockchain technology company ConsenSys today announced the final close of its $65 million round, it said in a release to CryptoSlate.
We are excited to announce the close of our $65M formation round to accelerate the convergence of #DeFi and Web3 applications on #Ethereum with enterprise blockchain infrastructure.https://t.co/7B81x4lSJq
— ConsenSys (@Consensys) April 13, 2021
Raising funds for DeFi
Global financial services firms J.P. Morgan, Mastercard, and UBS invested alongside leading blockchain companies, including Protocol Labs, the Maker Foundation, Fenbushi, The LAO, Alameda Research.
Additional investors include CMT Digital, Greater Bay Area Homeland Development Fund, Quotidian Ventures, and Liberty City Ventures. Several funds invested with Ethereum-based stablecoins, DAI, and USDC, as consideration.
The funds will be used to build decentralized finance (DeFi) and Web3 applications and the various synergies between the two, with ConsenSys focused on commercializing its industry-leading platforms as distribution channels for leading DeFi protocols/
“When we set out to raise a round, it was important to us to patiently construct a diverse cap table, consistent with our belief that similar to how the web developed, the whole economy would join the revolutionaries on a next-generation protocol,” said ConsenSys founder Joseph Lubin in a statement.
“ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum.”
Raj Dhamodharan, executive vice president of digital asset at Mastercard, explained why the firm chose to take part in the round, “Enterprise Ethereum is a key infrastructure on which we and our partners are building payment and non-payment applications to power the future of Commerce.”
For the uninitiated, ConsenSys is an integrated Ethereum software company with best-in-class products powering the blockchain developer and financial user experience: Codefi, Diligence, Infura, MetaMask, Truffle, and Quorum.
This product suite supports both public and private permissioned blockchain networks and will be supporting Layer 2 Ethereum networks and facilitating access to adjacent protocols like IPFS, Filecoin, and others.
ConsenSys also contributes significantly to Ethereum 2.0. ConsenSys’ products are the primary points of access to Ethereum for developers, enterprises, and consumers, making Web3 more accessible and useful.
MetaMask, among the most-used ConsenSys products, counts over 3 million monthly active users across mobile and desktop. More than 150,000 developers use Infura’s APIs, and 4.5 million developers create and deploy smart contracts using Truffle.
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