Prominent technology firms pay close attention to the cryptocurrency space. For example, Microsoft has made more inroads in that industry than all other tech firms. Joining the latest ConsenSys funding round further highlights the potential of blockchain and crypto development.
A Big Move For ConsenSys
Blockchain software engineering firm ConsenSys is a staple in the crypto industry. The company is pushing the boundaries of Web3 development and aims to fuel ongoing interoperability in the space. Moreover, the team makes DAOs, NFTs, and decentralized finance (DeFi) universally easy to use, access, and build on. All of these aspects make the company a high-profile target for investors.
One of the flagship products under the ConsenSys banner is MetaMask, a web3 browser extension wallet. The self-custodial solution has over 30 million monthly active users who hold and manage their digital assets. MetaMask is a go-to solution for interaction with thousands of decentralized applications (DApps).
ConsenSys CEO Joseph Lubin adds:
“I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, wallets, security audits, DeFi, NFTs, Layer-2 scaling, DAOs, and more.”
Microsoft joined the $450 million for ConsenSys, along with ParaFi Capital, Softbank Vision Fund 2, Sound Ventures, and many others. Through the funding round, the company is now valued at $7 billion. That is quite a steep amount for a blockchain engineering firm, confirming how far the blockchain industry has come in recent years.