Blockchain tech firm ConsenSys said on Tuesday the valuation had more than doubled to more than $7 billion after its latest round of funding with investments from SoftBank Vision Fund 2 and Microsoft.
Founded by Joseph Lubin, ConsenSys is an Ethereum blockchain company whose products help developers, enterprises, and users build applications targeting the so-called “Web3” space.
“Web3” is used to describe a possible next phase of the internet: a decentralized web running on the blockchain for archiving technology.
The company, which raised $450 million in the latest round, said it would use the money to expand its MetaMask offering with a redesign, expected to be released later this year. MetaMask is a crypto wallet used to buy, sell and trade tokens.
Investors in the new round led by ParaFi Capital also included Temasek, Anthos Capital, Sound Ventures and C Ventures of Singapore.
ConsenSys said it plans to convert all of the round’s funds to ether (ETH), the second-largest cryptocurrency after bitcoin, to rebalance the ratio between ETH and US dollar equivalents in line with the company’s treasury strategy. Lubin has contributed greatly to the development of the cryptocurrency.
ConsenSys, which was valued at $3.2 billion in its latest funding round in November, joins a growing list of crypto companies whose valuations have soared in recent months due to the explosion of interest in “Web3” and with the launch of marketplaces for non-fungible tokens (NFT).
Earlier this year, “Web3” developer platform Alchemy nearly tripled its valuation to $10.2 billion after a round of funding led by Lightspeed and Silver Lake.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)